Software AG, an enterprise software provider, today announced the availability of next generation Digital Business Platform capabilities that enable financial institutions to operationalize blockchain by gaining greater integration of, visibility into, and action upon public/private blockchain applications.
According to the company, financial services organizations globally are investigating the benefits of using blockchain, but few are thinking beyond the perfect use case. Hence, to fully leverage the opportunities offered by blockchain, it believes that the industry must employ the right technology that can maximize the benefits without disrupting existing business processes.
Nigel Farmer, Industry Director, Capital Markets, Software AG, noted:
That is where the fun starts; making blockchain applications work in the real world is as much of a challenge as building the blockchain application itself.
Software AG believes that organizations implementing blockchain do not want to add additional IT “spaghetti” on top of their existing technology infrastructure. They must be able to rapidly and seamlessly use blockchain to gain the advantages of the technology immediately without having to run complex, costly and lengthy re-architecting programs.
The company aims to provide ‘interoperability’ of blockchain within an enterprise using an intelligent blockchain access layer. The Software AG Digital Business Platform provides a blockchain access layer that it claims can seamlessly integrate blockchain with legacy technology for interoperability.
The platform is also incorporated with the ability to correlate and validate data, and apply business context going into blockchain. Apart from ensuring governance and security to enterprise or industry-wide blockchains, the company explains that it can handle event processing and data aggregation for complete visibility on- and off- chain activities.
Farmer added: “Many organizations developing prototypes are focused fully on the blockchain use case, and haven’t begun to think about what it means to put it into production.”
Software AG’s Digital Business Platform not only provides the necessary infrastructure, but enables them to operationalize this disruptive technology rapidly without disrupting the business and existing IT infrastructure.
Software AG holds that blockchain technology is poised to change financial services dramatically. Hence its Digital Business Platform is designed primarily to help organizations understand if their infrastructure can support it.