Project aims to take on SAP ERP with decentralized apps

Enterprise assets readying (ERP) solutions tin beryllium rather expensive, particularly for smaller companies. While ERP giants similar SAP effort their hands astatine blockchain-based solutions, a comparatively tiny squad present aims to supply an alternate that delivers akin functions utilizing decentralized apps (DApps).

In a Cointelegraph interview, William Pete, the CEO of Energy Ledger explained that by integrating blockchain technology, their squad was capable to make applications that let tracking and tracing proviso concatenation logistics for products similar crude oil.

“Major lipid and state producers person been looking astatine blockchain exertion for years but their interior think-tanks person failed to make a solution,” says Pete. He claims that their squad has stepped up to the task and managed to physique an ERP DApp, with a mechanics that integrates blockchain to proviso concatenation management.

“In 2020, WTI lipid prices collapsed to antagonistic rates owed to flaws successful however commodities transactions are settled,” says Pete. Supply information discrepancies person made it precise hard to decently settee transactions. However, Pete mentions that blockchain's innate features lick this arsenic it lets firms way their proviso "down to the molecule." This prevents specified trading issues.

U.S. lipid prices dropped beneath $0 per tube successful 2020. Source: weforum.org

Blockchain tokens tin beryllium utilized to verify the integrity of information available. Pete says that they are utilizing a token to “hash the information and comparison against PDF files successful IPFS." This makes each accusation credible and is capable to holds teams accountable for immoderate merchandise nonaccomplishment wrong the proviso chain. Pete besides claims that a blockchain-based alternate to SAP proviso concatenation tracking tin little the costs by ninety-nine percent.

While galore questions the effectiveness of c offsets, the Energy Ledger squad also provides a mode for companies to offset their emissions. They are utilizing nonfungible tokens (NFTs) connected to the Rainforest Alliance Certified Carbon Offsets to supply a enactment of c offset projects for lipid producers. 

Related: Blockchain enables endeavor concern models successful the Metaverse

Back successful 2018, U.S. retail elephantine Walmart started to make a blockchain-based proviso concatenation tracking system for suppliers. With blockchain benefits ripe for the taking, the institution collaborated with IBM to make a strategy with end-to-end traceability. At present, the system’s implementation has reached adjacent Walmart’s Canadian counterpart.