Blockchain for business SophiaTX reveals new details of platform; confirms date for Token Generation Event
SophiaTX, the first open-source platform to integrate blockchain with SAP and other ERP, CRM and SCM systems, has confirmed that it’s Token Generation Event (TGE) will begin on December 5th 2017.
The company has also unveiled a working Proof of Concept and recently published a white paper revealing significant new details on its functionality and potential for businesses of all sizes.
Pipeline of customers for practical business uses
Details in the white paper reveal the limitations of current blockchain, including Ethereum, Hyperledger, and SAP’s own Blockchain-as-a-service (Baas). These systems do not provide sufficient privacy, speed or features which would allow mainstream adoption by businesses.
In contrast, SophiaTX has the potential to transform cross-industry business practices, with customers already in the pipelines for three major applications:
- One-to-one Document Exchange will use blockchain to ensure that both the sending and receiving parties of business documents such as invoices, purchase orders, timesheets, deliver notices and quality inspections acknowledge the transaction.
- Multi-party Information Exchange will allow multiple parties to collaborate and transfer information efficiently, whilst also providing sufficient transparency and verification to allow a fair and trusted reward of bonuses and penalties across a business ecosystem. For example the blockchain will allow the synchronisation of delivery dates for multiple vendors on a shared project, or a collective maintenance effort with coordinated work schedules and shared rewards.
- Multi-party Collaboration across Value Chain (Track and Trace) allows verified information to be tracked from the manufacturer to the end consumer, providing a track and trace system for pharmaceuticals, food, luxury goods or other commodities. It could also be used to provide extended warranties, and will allow companies and consumers to verify and communicate supply chain integrity.
Token Generation Event to commence on December 5th 2017
The platform is fuelled by the SPHTX (SophiaTX Token), which covers mining and transaction fees; allows access and subscription to the development platform; and facilitates marketplace and in-app purchase.
The SophiaTX TGE will last for 10 days, with five rounds of 30,000,000 tokens available. The hard cap of the SPHTX TGE is 115,000 ETH, but there is no soft cap; the project will go ahead regardless of the amount raised. Any unclaimed tokens which remain at the end of the TGE will be proportionally distributed to investors in line with their existing SPHTX stake.
The TGE will allow the general public to obtain the SPHTX token before its release on any major exchanges and will provide the many supporters of the project with an opportunity to be directly involved. Funding generated will go directly to the development, marketing and ongoing management of the project and the overall platform, with 80% vested for two years after the initial generation.
Proof of concept demonstrates functionality
The SophiaTX team also revealed a working proof-of-concept (PoC) to a select group of attendees in Zurich. The PoC demonstrated how businesses can use blockchain to transparently and reliably exchange information between their enterprise systems in real time, with a customer invoice directly created in one SAP system automatically transferred via SophaTX testnet to another company using a different SAP system.
“The information exchanges such as these can connect companies in many different ways, drive significant cost efficiencies and even completely redefine how companies collaborate.” said Jaroslav Kacina, SophiaTX CEO. “Data is encrypted and sent securely over our testnet and then processed by the receiving system in a matter of seconds. Using traditional methods such as the Post or EDI would take a much longer time to process, the traditional mechanisms also don’t provide the security which our solution provides or the proof of delivery which is intrinsic to the Blockchain technology”