- 1 Basic info
- 2 What is SophiaTX Coin?
- 3 Platform
- 4 Technology
- 5 SophiaTx Ambitions
- 6 Business Systems Importance for SophiaTX
- 7 Use Cases of SophiaTX
- 8 Unique features of SophiaTx’s
- 9 Infrastructural capacity
- 10 Why the SophiaTX token?
- 11 Competitors / concerns
- 12 Team
- 13 Equidato Technologies AG
- 14 Location
- 15 Conclusion / Summary of SophiaTx
- 16 Non-FinTech Ambitions
- 17 Convert SPHTX to USD EUR GBP Fiat
SOPHIATX: The Blockchain for Business
SophiaTX is a Blockchain Platform and Marketplace that integrates business applications and solutions into a collaborative environment. It contains integration APIs to SAP and other enterprise software, covering leading ERP, CRM and SCM systems.
The SophiaTx protocol aims to enhance inter-business connectivity and become the backbone of inter-business communication. As businesses adopt SophiaTX they will be able to link their current closed internal business ‘enterprise applications’ with other businesses across the SophiaTx blockchain. Furthermore, the SophiaTX platform will provide a comprehensive set of tools for developers and businesses to build available and resilient applications which will be consumed by ‘Enterprise Application’ systems such as those sold by SAP, Oracle and Microsoft.B2B internet.
If SophiaTX can achieve its aim then the SophiaTX token will be consumed by these systems as it links them together.
To advance blockchain into business operations, the blockchain must integrate with ERP and other enterprise applications such as SAP. As an example, 76% of the world’s transaction revenue touches SAP systems.
This sector has been relatively untouched until recently when Equidato Technologies AG announced their first project, SophiaTX, an open source blockchain platform and marketplace designed for businesses of all sizes.
SophiaTX is a platform focusing on integrating blockchain with SAP and other major ERP, CRM, and SCM systems aiming to expand the possibilities of enterprise applications with the trust and security that comes with blockchain technology.
The platform can be thought of as three components: a blockchain designed and built specifically for business environment, a development platform with integration APIs to SAP and other enterprise applications, and a marketplace for both industrial companies and a global community of experts, consultants, and developers to buy and sell apps.
The flexible and scalable solution will serve as the foundation for new applications with specialized processes and modules for companies where peer to peer architecture and decentralization is desired and beneficial.
SophiaTx aims to enhance inter-business connectivity and become the backbone of inter-business communication. As businesses adopt the SophiaTX protocol they will be able to link their current closed internal business ‘enterprise applications’ with other businesses across the SophiaTx blockchain.
Furthermore, the SophiaTX platform will provide a comprehensive set of tools for developers and businesses to build available and resilient applications which will be consumed by ‘Enterprise Application’ systems such as those sold by SAP, Oracle and Microsoft.
If SophiaTX can achieve its aim then the SophiaTX token will be consumed by these systems as it links them together.
According to Jaroslav Kacina (CEO) In order for the project to be successful there have to be three fundamental features which need to be realised. First, the SophiaTX blockchain needs to build features which a required by the businesses. Second, SophiaTX needs to build a development environment for IT professionals and consultants. Third, is the digital marketplace where developers can trade and exchange their assets.
Why are the systems which SophiaTX targets important for business?
Over the last twenty years, systems which streamline and make businesses more efficient have increased in importance. These systems take care of internal accounting inventory management, manufacturing and engineering (the list goes on). These are the systems that companies depend upon to operate and conduct business effectively and efficiently. All of these systems are collectively called ‘Enterprise Applications’. There is no major company that operates without these systems today.
SophiaTX is not attempting to rebuild these systems. Indeed, SophiaTx is attempting to act as a bridge between companies’ own ‘Enterprise Applications’. When companies invest in their own systems they make sure that their ‘closed’ system performs well. However, then interaction between companies and customers is extremely limited. Companies are extremely adept at strengthening their own systems but are usually very poorly placed at strengthening interoperability between these vital systems. For a true open collaborative space there is virtually nothing as yet.
Therefore, SophiaTx aims to provide features which aims to create interconnectivity in a true peer-to-peer fashion between the businesses.
90% of all invoices globally are still done in manual fashion. They are emailed, printed and mailed invoices. Only 10% of global invoices are done electronically. Blockchain could be used to exchange electronic invoices between businesses as long as it is encrypted and they all agree to use the blockchain as a transactional medium. This is one of SophiaTx’s prototype use cases and one of the examples they are using to entice business to their use their project (and as a consequence - their token)
Furthermore, SophiaTx is also trying to encourage small to medium business to have the same access to the tools larger businesses have. SophiaTx could be summed up as a business to business infrastructure project. Its reach could potentially be massive in scale as it will open up space for businesses to increase their efficiency and interoperability of systems
1) Off Chain storage.
Businesses need some sort of cold storage for compliance but also for the overall performance of the blockchain itself. Indeed, certain jurisdictions have laws where you cannot have freely floating documents over the internet, there needs to be some sort of repository for documents.
2) Companies are required to have the documents under their own control for legal reasons including document retention and auditability. Therefore, if a company were to cease the use of the blockchain, if they were to transform differently for example, they cannot say ‘it’s on the blockchain’. The companies need to have access to the documents off the blockchain in an archive. 3) Recovery of private keys
Companies cannot afford to lose their private keys. SophiaTX allows a service where they are able to recover the private keys if they are lost.
4) No Smart contracts.
SophiaTx sees smart contracts as too complex to be certifiable by business. SophiaTx has ‘smart-transactions’ - they are auditable and are easily understood by the businesses. At least 2000tps but will scale as network grows. SophiaTx is a fork of the Decent blockchain.
How much of the global infrastructure of Enterprise Applications right now can be ‘put-on’ Sophia TX?
SophiaTX will be able to work with all of the major systems and vendors of Enterprise Applications - including, Microsoft, Oracle and SAP. At the same time, they want to onboard into them into their adoption program. SophiaTx wants to be the ‘global ecosystem’ of partners, users and It departments who will drive the adoption of SophiaTx allowing the bridging of companies through the use of their blockchain. They have already started adoption programmes with SAP and Oracle Enterprise App users.
What is the SophiaTX token there for?
The platform is fueled by SPHTX (SophiaTX Token). It is a way to account for the computing power behind. It’s used to cover mining and transaction fees and it allows access to the system, it gives you rights to use the system. Nobody can use the SophiaTx chain without the token - unless you go through a partner who you have to pay fiat and they have the tokens to access the system - as such, the token is a right of use.
Importantly, SophiaTx is not just ‘a blockchain’ it is a business specific blockchain. Furthermore, they are also building a library of development tools, APIs, process flows, process designs - and then a market place, similar to an app store. So the entire global community using SophiaTx can be building connectivity tools and apps and exchange with each other. The token is designed for trading assets or micro-assets and services, know how, process maps and blueprints, integration, and professional consulting services to enable accelerated adoption and use
For example, if one company solves a problem on how to solve a shipping collaboration with their customers then they would be able to exchange this on the SophiaTx marketplace.
SophiaTx are working on building a ‘gateway’ between fiat.
As of January 2018 there seem to be no ‘direct’ competitors in this space. There are similar systems internally in companies according to the CEO Jaroslav Kacina, but SophiaTX is aiming to become the first open source public inter-operability protocol for the business to business Enterprise Applications.
Oracle, SAP and IBM could also fork the Decent blockchain. Would that render SophiaTx useless? Well, Oracle, SAP and IBM business models are inherently private and are not independent. For example, Visa could develop their own blockchain. But, what is good for? It would just be another system if it is by company. SophiaTx would aim to be affordable to smaller business. Oracle and SAP would compete and drive the price. SophiaTx would be able to remain independent and target smaller businesses as well.
3 of the people in their core team are:
Jaroslav Kacina: Jaroslav Kacina is a technology innovation and business transformation executive, with over 22 years of proven track record in delivering on technology transformation promises.
Jaroslav is currently a CEO and Co-founder of Equidato Technologies AG, newly established Swiss firm primarily focused on bringing blockchain innovation into B2B space. Additionally, Jaroslav is a Managing partner at Swiss based SAP Innovation firm Venaco Group.
From 2015 to 2017, Jaroslav was a Senior Vice President at McKinsey & Co in London RTS team, special unit of the McKinsey assisting leading international organizations in complex business recovery and transformation initiatives.
In 2010, he became a Vice President for global SAP Business transformation program at Alstom; with the job description of implementing single ERP systems across more than 200 units in more than 35 countries. In 2008, he joined Alstom Power in Switzerland as a Global Director of IT.
Martyn Harler: Martyn Harler is a technology innovator with over 20 years’ experience Architecting, Designing and Deploying cutting edge technology solutions and managing a number of companies’ technology vision.
Recently, Martyn founded Octocloud, a Swiss based solution providing SAP Business One cloud on HANA. The ERP solution is available as a ‘SaaS’ on subscription basis and targeted primarily for small and medium size enterprises. It is currently being extended with blockchain capabilities.
From 2010, Martyn worked for Alstom AG in Switzerland, as the technical architect and manager for the implementation of SAP Business One to the Power, Grid and Transportation businesses in Finland, Estonia, Slovakia, Denmark, Egypt and Israel.
Kok Weng Choo: Choo has more than 15 years of experience in international SAP and technology innovation projects for various industries. He has worked for companies like General Electric, Alstom, ABeam, and many others. During his over 10 years in Consulting at ABeam, he delivered SAP and IT projects for companies including Petronas, Hitachi, Sato Malaysia, Maxis, Kao, and Felda.
For a Swiss based Alstom Power, later GE, he was a global manager for SAP support and overall manager for all APAC activities, overseeing deployment in countries including Malaysia, Singapore, China, Australia, Japan, Vietnam, Taiwan, and others.
In addition to being the Equidato SophiaTX blockchain platform development lead, he also is responsible for regional activities in Asia Pacific. He is also a Managing Director of Venaco Group APAC region, based in Kuala Lumpur, Malaysia.
These three are the ones that founded SophiaTX through Equidato technologies. Their LinkedIn profiles look solid and are underwritten by multiple people. This is the description of Equidato on LinkedIn: linkedin?
Equidato Technologies AG is a newly established company focused on integration of blockchain with enterprise applications, such as SAP, IoT sensors, smart printing, and other advanced technologies forming 'industries of the future' eco-system.
As a first step, the company has launched project to build SophiaTX, world's first open source blockchain platform to primarily integrate blockchain technology with enterprise applications.
The purpose of SophiaTX is to build enterprise suitable blockchain, which will provide integration capabilities with SAP applications and systems. Additionally, it will provide development platform and marketplace for external developers to build apps. A number of use cases, suitable for implementing cross different industries, have been detailed and commercially validated.
SophiaTX, formed by Equidato in early 2017, is a joint venture between Decent team, the blockchain content distribution platform, and Venaco Group, independent best-in-class SAP and innovation firm.
Equidato is based in Lupfig, Switzerland and leverages Venaco Group's delivery centers in Kuala Lumpur, MY and Bratislava, SK. Expansion plans include China, US, and Middle East locations.
This is the description of Venaco group, where Jaroslav Kacina is managing partner: Venaco Group provides best in class independent SAP advisory, implementation and innovation services globally.
Location of Venaco Group
Company is headquartered in Lupfig, Switzerland and leverages its delivery centers in Kuala Lumpur and Bratislava.
It has proven capabilities for complex SAP programs in variety of assignments including global transformations and roll-outs, lean implementations, recovery and turnaround situations, mergers, restructurings, carve-outs, lean operations and support.
Despite being recently established company, the team has gained experience working for leading consulting and technology firms including Accenture, Deloitte, EY, HP, IBM, McKinsey and others.
SophiaTx are providing something which has an underlying foundation with business model, revenue model and actual customers. They plan to do what Ethereum has done for ICOs for actual businesses. They already have a plan for adoption with billion dollar valued companies - CEO has refused to disclose names.
The CEO also states that they may not have the ‘wildest swing’ post ICO but given their use case and target industry there will be considerable growth as more partners join the ecosystem and as they are the only ones offering such product there will be considerable uptake with large and small businesses.
The reason for going into non-fintech is because there is no unnecessary red tape. SophiaTx’s speed to market will be much faster than those targeting fintech. For example there is no regulation around supply chain ‘track and trace’ as there is to do with financial services. SophiaTx could take 3-6 months until adoption by large organisations. SophiaTx’s speed to market will be faster than other blockchain projects precisely because of this reason.
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