The first 'open source' platform has been developed integrating SAP software and blockchain in a move that could help companies deliver efficiencies, better collaborate along the value chain and shape their business models.

A joint venture between Swiss blockchain content distribution platform Decent, and independent SAP advisory firm Venaco Group, SophiaTX is claimed to be the first open source platform ever to primarily integrate blockchain technology with SAP, allowing both users and integrators to use blockchain.

Venaco believes the integration will offer enormous potential for both users and the global economy. Around 87% of global businesses and 98% of the top 100 most valued brands in the world use SAP software, touching US$16trn of consumer purchases and 74% of transaction revenue worldwide every year.

This market could be crucial in blockchain achieving current estimates that it will enable 10% of global GDP by 2027.

A blockchain is a secure digital ledger that enables companies to transfer assets across the internet with increased speed and reduced interference. The technology can create a unique digital record that verifies, tracks and traces each step of the process, without the need for software. Combined with "smart contracts," it has powerful implications for global trade with cross-border settlement and instantaneous transfer of currency or other assets.

It is understood the new platform has "proven capabilities" for complex SAP programmes in a variety of assignments and disciplines including global transformations and roll-outs, lean implementations, recovery and turnaround situations, mergers, restructurings, and lean operations such as reducing waste, improve cycle times, and efficiency.

The SophiaTX platform can be thought of as three components: a blockchain built on Decent's proprietary blockchain technology, specifically developed and enabled to power a B2B transaction engine; a development platform with integration APIs (application programming interface) to SAP and other enterprise applications; and a marketplace for a global community of experts, consultants, and developers to buy and sell apps.

It is open source and tailored to allow traditional enterprise applications to be extended to more robust, collaborative and decentralised blockchain-enabled business models.

"Integrating blockchain with SAP allows businesses to deliver efficiencies, better collaborate along the value chain and even shape their business models," says Jaroslav Kacina, CEO of SophiaTX and Equidato Technologies, the joint venture between Decent and Venato.

"Integrating blockchain with SAP and other business applications is inevitably the next frontier for blockchain and for business applications."