Every time you deal with any company, you are by proxy dealing with a series of other companies. B2B business is booming, and the e-commerce B2B market by itself is expected to be worth $6.7 trillion by 2020, and it only accounts for 27% of the B2B market.
In this modern environment it is increasingly rare for any business to be able to function effectively without having at its disposal a range of software and products (SAP) from other companies to do the various sub-tasks required to fulfill broader responsibilities. But all this interconnectivity brings with it cybersecurity concerns, especially in developing sectors like IoT. And the pace of innovation is fast enough for regulators to worry about their ability to keep up.
And while this all may sound a bit nebulous, this has very specific implications for consumers and they should be taking notice. Why? Because 76% of the world’s transaction revenue goes through systems like the aforementioned, according to a recent white paper published by SophiaTX.
The solution, they say, is blockchain. shoring up security will mean that the process of accessing this information needs to be done through a distributed ledger, so that companies will be able to reliably and securely perform all the basic tasks an interconnected web of modern B2B tools requires. We’re talking about the ability to securely send documents like invoices and quality inspections back and forth; collaborate in a shared project like warehouse, supplier and buyer being able to converge on a delivery time; and the ability for documentation to be tracked through a process, like a warranty passed from manufacturer, to buyer, to customer which might need extending or updating.
Jaroslav Kacina, founder and CEO of SophiaTX, led a presentation on “Breakthrough Innovation with Blockchain” at the Unchained Conference held by Blockchain technology platform DECENT last week. More than 100 elite blockchain experts from around the world gathered in Hong Kong to discuss and explore this cutting-edge technology, and Kacina went into detail about bridging the gap between blockchain technology and business models.
The SophiaTX platform has already passed it’s first test at a proof of concept launch in Zurich, were they demonstrated how an invoice created by one company in their system could be securely and quickly passed to another company using a different system. The shared platform will allow various companies from across the world to use systems which connect to the same foundation and can therefore work together without having to directly integrate them.
The next step for the platform is a “Token Generation Event” (TGE) where 150 million tokens will be made available over the course of ten days, starting December 5. The event will allow supporters to invest in the project, and for you and I to get access to the SPHTX token before it’s let loose on Wall Street and Canary Wharf.
-This article was originally published on the Sociable.