SophiaTX: The Blockchain For Business
The modern advances of blockchain use-cases cause a lot of enthusiasm in the technology community that reaches far beyond the financial sectors. One area which contributes significant value is the application of blockchain in a company’s operational and management processes. Effectively all companies perform these operational processes on enterprise resource planning software (ERP) which usually involves a variety of modules such as accounting, manufacturing, project management, controlling, procurement, logistics, warehousing, sales and distribution, and quality management.
In order to advance blockchain into business operations, the blockchain must merge with ERP and other enterprise applications including SAP. As an instance, 76% of the world’s transaction revenue meets SAP systems1. This division has been comparatively untouched until lately when SophiaTX announced their first project, an open source blockchain platform and marketplace designed for businesses of all sizes called “SophiaTX Blockchain.”
SophiaTX and Equidato Technologies AG
SophiaTX is a civil association striving to develop the opportunities of enterprise applications with the trust and security that begins with blockchain technology and launch the world’s first open source blockchain platform to integrate blockchain technology with business applications fundamentally. To ensure the development of individual software, SophiaTX will engage Equidato Technologies AG, any of its subsidiaries or other developers.
Equidato Technologies AG is an organization concentrated on the integration of blockchain with enterprise applications, such as SAP, IoT sensors, smart printing, and other exceptional technologies producing the ‘industries of the future’ eco-system
Technology and Architecture Overview
SophiaTX architecture is designed to ensure compliance with established international standards, guidelines, and legislation concerning data protection, privacy, and security. The developer has to perform their solution so that data is encrypted before it is sent to the SophiaTX Blockchain. Only the customer has access to their private key, as well as know the public key of their customers/vendors.
As a component of the API, SophiaTX Blockchain provides the methods enabling a developer to encrypt and decrypt the information package, in such a system that the same implementation can be utilized without having to code encryption/decryption methods each time an application is written.
The SophiaTX Blockchain is not created for high throughput or low latency, and it does not scale. Consequently, SophiaTX implements a decentralized data backbone, which renders a Data Store for the information which cannot be passed through the SophiaTX Blockchain.
SophiaTX Blockchain for B2B is based on a distributed server technology that integrates on several 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
The SophiaTX Token SPHTX
SophiaTX Blockchain’s own proprietary token is called SPHTX. It has various uses on the blockchain, within the marketplace and also as a utility token in many decentralized applications (Dapps):
● Transaction charge and reward for miners verifying transactions and blocks on the blockchain
● Subscription to obtain rights to the SophiaTX Blockchain
● 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
Latest News and Update
SophiaTX has signed a Memorandum of Understanding (MoU) with a Hybrid Exponential Technologies research and innovation centre, Crypto Valley Malaysia, expressing their readiness to bridge the gap in the industry 4.0 value chain in ASEAN by advocating the use of blockchain technology to create more efficient, lean and productive enterprise ecosystems.
The MoU was signed by the APAC Regional Director of SophiaTX, Choo Kok Weng and President of Crypto Valley Malaysia, Koh How Tze, and witnessed by Secretary General of Crypto Valley Malaysia, Effendy Zulkifly and Director of Youth Development of Crypto Valley Malaysia, Haidar Darus respectively.
Under the agreement, SophiaTX will offer technologies, resources, capacities and expertise in blockchain technology to support and improve the uptake of new technologies by companies through the provision of proper training and shared services to the industry. Both organisations will develop and deploy innovative technologies to support business principals, CEOs, entrepreneurs and innovators in major industries, from government to manufacturing and healthcare.
Speaking about the partnership, Koh said, “As the industry is readying itself to embrace blockchain technology, enterprises have a mammoth task at hand to upskill and reskill its resources. Our partnership with SophiaTX is a great synergy and a major step not only to support strategic enterprise transformation through the adoption of the highly scalable and robust SophiaTX platform, but also to accelerate the blockchain journey through the creation of real-world industry knowledge and innovation.”
According to Choo, the partnership is an encouraging step forward to realise the potential of the SophiaTX platform and advance its application to the next level of maturity. Other areas of collaboration include exploring and integrating IoT, wearables, smart devices, analytics, big data, robotics and artificial intelligence in order to allow traditional ERP systems to evolve into hybrid enterprise systems with new digitally enabled business functions and processes which enhance enterprise agility and independence.