Algorand, the proof-of-stake blockchain platform, today announced that its open connector API is now live on the SAP Business Hub, providing much-needed interoperability between SAP enterprise applications on the SAP Cloud Platform (SCP) or standalone SAP Clients and the Algorand protocol which is huge for practical applications of the block chain as reported here
What this means is this connector enables SAP users to seamlessly tap into a blockchain that provides the ability to scale to billions of users. The blockchain speeds required for today’s business needs can be met and the security of data and assets on-chain can be preserved all with low transaction costs which is what algorand was built for.
As an enterprise-ready blockchain, Algorand has solved the inherent challenges of first-generation distributed ledgers like bitcoin by providing speed, security, and scalability. We all know that BTC is a bit outdated and the high energy and slow speeds will be its downfall.
The perks of ALGO are that it is capable of thousands of transactions per second with block completing in seconds while the blockchain is mathematically guaranteed not to fork which has caused splits within communities. These factors will all enable the deployment of production-ready enterprise apps.
Thus us why we just saw the announcement the SAP Cloud Platform deployment of SAP/Hana ecosystem products and is particularly well-suited to applications that connect multiple stakeholders over shared workflows and datasets in a secure and enterprise compliant environment.
Algorand’s can power innovative cloud-native SAP applications in multiple verticals performing Transactional services, Verification & Security, Smart Contracts, Asset Tokenization, Payments, Fintech apps, and many other blockchain use cases, enabling enterprises all over the world to embrace and play a leading role in the fundamental shift of redefining finance and beyond.
As for the price ALGO has been hit hard be last week's selloff and
continues to fight around that $1 mark.
We will see what other businesses join the blockchain space because there is the real possibility that it can solve many real world problems.