SAP Ariba, the US software and IT firm owned by tech giant SAP, has integrated its services with blockchain startup Everledger.
Announced today, the move will see SAP Ariba deploy the tech for use in supply chain applications, one of the services the company provides. According to SAP Ariba, more than 2.5m companies utilize its offerings. Everledger, based in London, uses blockchain to track the provenance of diamonds and other assets.
SAP Ariba said that it is also joining the Linux Foundation-backed Hyperledger blockchain community.
Joe Fox, SAP Ariba's senior vice president for business development and strategy, said in a statement:
Though the tech likely won't apply to the precious stones space in the case of SAP Ariba, Fox suggested that the application opens the door to other tracking-related uses.
“If you can track and trace diamonds, you can track and trace anything," he said.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership take in Everledger.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.