May 24, 2021
Expanded Opportunities for SAP users to leverage Decentralized Public Blockchain Infrastructure
One of the biggest problems in the era of “new norm” will be the collaboration between new and old systems in the best and smoothest way possible. Algorand’s advanced blockchain is providing a bridge for centralized systems and legacy processes to successfully participate in the future of finance with secure, final and frictionless technology. The open connector API, which is now live on the SAP Business Hub, provides the much-needed interoperability between SAP enterprise applications on the SAP Cloud Platform (SCP) or standalone SAP Clients and the Algorand protocol. This connector enables SAP users to seamlessly tap into a blockchain that provides the ability to scale to billions of users, speeds required for today’s business needs, finality to ensure security of data and assets on chain, and low transaction costs.
Algorand, an enterprise-ready blockchain, has successfully solved the inherent challenges of first-generation distributed ledgers by providing speed, security, scalability and more - all at the same time. It is capable of thousands of transactions per second with block finality in seconds on a blockchain that is mathematically guaranteed not to fork and it enables the deployment of production ready enterprise applications. SAP Cloud Platform enables cloud-first deployment of SAP/Hana ecosystem products and is particularly well-suited to applications that connect multiple stakeholders over shared workflows and datasets in a secure and enterprise compliant environment.
In addition to unparallel performance, Algorand’s features can power innovative cloud-native SAP applications in multiple verticals performing Transactional services, Verification & Security, Smart Contracts, Asset Tokenization, Payments, Fintech apps and many other blockchain use cases, enabling enterprises all over the world to embrace and play a leading role in the fundamental shift of redefining finance and beyond.
The creation of this open bi-directional bridge between the SAP enterprise world and Algorand’s leading, public blockchain protocol underlines SAP’s commitment to work with best of breed innovative technologies, while enabling the creation of groundbreaking solutions for its global client base.
The API connector between Algorand and SAP was built by Mentat Innovations, a technology provider of fully stack solutions for enterprises, with a specific focus on artificial intelligence and blockchain solutions.
"SAP's customers include some of the most savvy enterprises around the globe. As they turn to blockchain for transparency, security and business efficiency, Algorand and SAP's integration will expand opportunities for these leading enterprises to integrate their core systems with high performing blockchain," said W. Sean Ford, COO of Algorand. "We look forward to further empowering blockchain adoption with SAP through our shared commitment for innovation."
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. As, the technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value.
For more information, visit www.algorand.com.