In a recent interview with CNBC, SAP chief strategy officer Deepak Krishnamurthy said that SAP is adopting blockchain products in a serious way. Krishnamurthy said: "We have the largest supply chain products in the enterprise software industry, so linking the supply chain with the SAP supply chain will be a value creation for our customers." With its blockchain-as-a-service solution, Is betting on this new management and storage trading model.
We are still in the early stages of this new technology. As Kevin Werbach, a professor at the Wharton School of the University of Pennsylvania, puts it, in the timeline range of 1 to 100 we get to "2" or "3". In a recent interview, he found that most people, even the most tech-savvy, still do not understand the technology behind the blockchain. Many government agencies around the world have been closely monitoring the growth and use of Bitcoin, the virtual currency supported by the blockchain. "Does most people know about bitcoin's technology?" He said, "No." Similarly, financial services giants such as Goldman Sachs entered the frozen money market as a service, but for basic blockchain technology The basic principle, with little or no understanding. Even the most tech-savvy organizations such as Microsoft and Google do not have a basic understanding of the blockchain model.
Blockchain technology has been fired so hot Practical application has come to which step?
However, a deep understanding of the nature of blockchain technology is really crucial to building a new business model? Werbach said that at no point. "How many people really understand financial theory? What is money? Using Bitcoin as a currency does not require a genuine understanding of the technology." He added that the exception occurred when there was a need to do due diligence, such as making significant Investing, you need to fully understand the working principle of this technology.
The status of the blockchain is equivalent to the state of the Internet and the World Wide Web in the mid-1990s, which means "we all know it will change the world, only the Internet users at that time may have only 51,100,000 and now 2,000,000. It's also the state of the blockchain. "
Like the Internet two decades ago, blockchain backers also have plenty of research and hope. "Now we see pilot projects from a range of top financial companies, global retailers and transportation and logistics companies." Werbach said: "This is a new web-based infrastructure that can be applied to everything."
A recent IBM survey of 3,000 executives confirms interest in the blockchain model. One-third of respondents said they are using or considering using blockchain. Eighty percent of the investment in exploring the blockchain is in response to the financial restructuring of the industry or the development of a completely new business model.
Blockchain technology has been fired so hot Practical application has come to which step?
"That's a lot more than the financial services industry." Don Tapscott and Alex Tapscott, authors of a white paper at the World Economic Forum titled Blockchain Revolution: How Bitcoin Behind the Money Replaces Currency, Business and the World, writes: "Innovators are progressively improving this new digital ledger to record anything of value to people - birth and death certificates, marriage certificates, ownership of behaviors and titles, intellectual property rights, educational attainment, financial accounts, medical history ... and so on, and all other information, can be expressed in code. "
Tapscotts provides a good definition of the capabilities of the blockchain:
"Every blockchain, like the blockchain used by bitcoin, is distributed: it runs on computers provided by volunteers around the world: no central database can be cracked and closed. Any form of digital value - from stocks, bonds to intellectual property, art, and even ballot papers - is sent directly and securely between us without going through banks, credit card companies, social networks or other third-party platforms, This does not mean that the middlemen will therefore disappear, but on the contrary, this technology offers great opportunities for innovative companies and institutions to streamline processes, increase their 'metabolism', create new value and enter the market. '
Werbach said many industries may already be able to apply a lean, fast blockchain approach. Take Wall Street, for example, where the retail deals are so complicated that on the face of the paper the settlement process is not yet good, but still close enough that there are still many large computer systems still doing the wrong thing or reducing effectiveness."
Finally, the blockchain represents a new "trusting mechanism," Werbach said, adding that its value proposition provides an element of trust for the transactions between the two parties. Trust is the foundation of the currency transaction. We use the currency, and to a certain extent also rely on the trust of the government and the market. The blockchain is a new trust mechanism - a new way of making a deal credible.
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