New blockchain applications targeted corporate collaboration

The recent collapse of FTX cryptocurrency exchange, its CEO is jailed on fraud charges, and a number of high-end hackers have reinforced claims that blockchain technology is immature and risky. But little can be said about the corporate world’s interest in technology.
Companies continue to explore, deploy blockchain applications ERP providers build blockchain ecosystems.
It is not difficult to understand why blockchain is attractive for companies looking for more affordable ways to deal with consumers and partners because of its distributed registry technology and its theoretically secure, unchanging nature.
Benjamin Stoeckhert, the senior business development manager of Blockchain at SAP, said: "You can think of blockchain as an open protocol that connects all these different systems and data sources without a central platform, providing a single source of truth. This is very useful for improving cooperation. Conflict reduces fraud risks, increases efficiency and reduces costs," he says.
Stoeckhert says that the power of a smart blockchain contract can change the way businesses cooperate. Stoeckhert also mentions the effect of blockchain on transactions and how it can offer an advantage in the corporate world. Many transactions and related data are still in paper form. This can lead to delays in operations that, in addition to payments, undermine many projects. All this makes blockchain an excellent tool for decentralized financial operations and data management in the corporate world.