Diamonds and blockchain are forever for SAP Ariba
SAP Ariba has unveiled its plans to use blockchain across its cloud-based applications and business network for trading goods and services.
Among the first applications that SAP Ariba sees potential in involves the tracking and tracing of goods.
SAP Ariba will join forces with Everledger, a London-based fintech firm. The latter captures the defining characteristics of objects such as diamonds and creates a digital thumbprint of the asset that is stored on the blockchain. This information, including history, transport, events and ownership, is relied upon by the participants across global supply chains to verify authenticity.
Leanne Kemp, CEO and founder of Everledger, says integrating its technology with SAP Ariba’s network “can not only lead to a reduction of risk and fraud for stakeholders, but additionally helps to re-shape a new era of global trade focused on the pillars of transparency, sustainability and ethics”.
Founded in April 2015 by Australian entrepreneur Kemp, Everledger has digitally secured over 1,000,000 diamonds on the blockchain and is extending the platform’s technology to asset classes including fine wine and art.
SAP Ariba says its network includes buyers and suppliers from more than 2.5 million companies and 190 countries – and more than $1 trillion in commerce gets done every year.