Equidato Technologies AG, the company behind SophiaTX, is a company focusing on the integration of blockchain with enterprise applications, such as SAP, IoT sensors, smart printing, and other advanced technologies. SAP SE is one of the largest vendors of ERP (Enterprise Resource Planning). According to its 2016 corporate fact sheet, SAP serves more than 335,000 customers in 190 countries. It’s estimated that 75% of all global business transactions come in contact with an SAP system. (1) As a first step, the company has launched a project to build SophiaTX, the world’s first open source blockchain platform to primarily integrate blockchain technology with enterprise applications. The SophiaTX platform provides a set of tools allowing developers to build and publish applications which utilises the power of the blockchain and distributed data integrated with ERP and CRM solutions (Customer Relationship Management). Developers publish apps in the marketplace, which are accessible to both businesses and the end user community who purchase applications that integrate with their systems. Developers earn revenue from apps which are downloaded and deployed. (2)
The approach by SophiaTX offers an open public blockchain, which is advantageous in addressing the entire value chain allowing businesses of all sizes to participate and collaborate. SophiaTX provides flexibility and allows accelerated adoption by end users via standardized building blocks, process flows and use case designs. The platform provides various learning, development, and deployment tools for the entire community including:
– Use case design, process flows, business scenarios
– Integrated development environment (SDK and API)
– Advanced encryption capabilities for protecting information held by 3rdparty
– End-to-end solution builder for business with no requirement to understand the inner workings of blockchain.
The platform will organise meet-ups, trainings, and learning programs to bring the blockchain community closer to the business. And they have a working proof of concept.
The platform has to provide common building blocks for use cases across all modules of ERP, SCM, and CRM systems in order to adopt blockchain into enterprise applications space. They say there are three basic categories of use cases:
One-to-One Document Exchange
Sending a business document over blockchain in such a way that both the sending and receiving party properly acknowledge the transaction. This case is applicable to documents such as invoices, purchase orders, quality inspections, work orders etc.
Multi-Party Information Exchange
Collaboration of multiple parties is required with objectives of a common and well aligned goal. The use of blockchain allows transparent and efficient exchange of information and at the same time it provides the transparency required for a fair and trusted award of bonuses and penalties related to overall performance.
Multi-Party Collaboration Across Value Chain -Track and Trace
Information traveling from the beginning to the end so that it allows full transparency from the manufacturer to the end consumer. For instance, track and trace for pharmaceuticals, food, luxury goods and industrial spare parts.
SophiaTX Platform for B2B is based on a distributed server technology and will integrate the following components: Marketplace including application store, Authentication engine, Sophia SDK, Test and publishing engine, Application library, Logic engine, Event handler, Data store and analytics engine, User data store and Blockchain. This architecture ensures compliance with established international standards, guidelines, and legislation regarding data protection, privacy and security. It is the responsibility of the developer to implement their solution so that data is encrypted before it is sent to the SophiaTX platform. Only the customer will have access to their own private key, as well as know the public key of their customers / vendors. Therefore, all encryption has to be handled by the client application. As part of the API, SophiaTX will provide the methods allowing a developer to encrypt and decrypt the data package in such a way that the same implementation can be used without having to code encryption / decryption methods each time an application is written.
The Blockchain is not designed for high throughput or low latency and it does not scale. Therefore, they provide a decentralized data backbone, which provides a data store for the information which cannot be passed through the Blockchain.
Use of SophiaTX Token
Once the SophiaTX blockchain is fully launched, it will utilize its own proprietary token SPHTX. The token will have multiple uses on the blockchain, within the marketplace and will also be included as a utility token in decentralised applications (Dapps):
– Transaction fee and reward for miners validating transactions and blocks on the blockchain.
– Subscription to access rights to the development platform and marketplace.
– Reward allocation for buying and selling of assets in the marketplace (App Store and Dev Store).
– Reward for the developers when an end customer installs and uses a SophiaTX Application (Dapp license).
– Transaction and data storage fee for document file server.
– Licensing for private Blockchain.
35%: Development, Operations, Marketing, Team; 30%: SPHTX Token Generation Event; 30%: Mining (25 years); 5%: Future Token Generation Event
Company & Team
SophiaTX, formed by Equidato in early 2017, is a joint venture between Decent and Venaco Group. (3)
DECENT is a blockchain-based digital media distribution platform designed to bring more transparency and fairness to the media industry. DECENT allows artists to efficiently distribute any form of content online. (4)
Venaco Group provides independent SAP advisory, implementation and innovation services globally. It is a professional services firm with focus on complex SAP and IT technology topics. The team has gained experience working for leading consulting firms incl. Accenture, Deloitte, EY, IBM, McKinsey and others. They have delivered work for leading companies in more than 40 countries. (5)
CEO: Jaroslav Kacina, Senior Vice President at McKinsey & Co, Vice President for global SAP Business transformation program at Alstom. Worked at Ernst & Young and Deloitte for 10 years. (6)
CTO: Martyn Harler, Founded Octocloud, a Swiss based solution providing SAP Business One cloud on HANA. Worked at Alstom AG in Switzerland, as the technical architect and manager. (7)
– 2018 Q1: Testnet blockchain, Web browser, SAP POC
– 2018 Q2/3: Mainnet Launch Wallet + token, Marketplace, Platform, File storage, SAP connect (Client / SDK)
– 2018 Q4: IOT integration, Private key / Recovery key, Mobile app, Advanced encryption, Web client
– Ongoing: Workflow / Notification client, Archiving and data retention, Analytics, Other (Client/SDK), External data stream, Process automation.
I) Revising roadmap together with strategy to go faster including mainnet etc – will publish in 1-2 weeks.
II) Testnet together with early adoption program will be launched in next weeks – currently over 1100 people have registered for the early adopters program.
III) Several client related activities scheduled in Jan – currently a few LOIs (Letters of Intent) under NDA.
IV) Product roadmap being prepared – will be available in February also, will schedule AMA in 1-2 weeks.