Cryptowerk’s SAP-Certified Enterprise Blockchain Enablement Kit Helps Fight Fraud For Businesses
Previewed at SAP SAPPHIRE NOW in Orlando, Florida, Cryptowerk’s SAP-Certified Enterprise Blockchain Enablement Kit™ lets organizations notarize their data and digital moments by creating a sealed, tamper-proof chain of custody up to one million times per second.
Cryptowerk™, a blockchain-powered data integrity solutions, introduced the new solution for corporations and government entities engaged in the multi-billion dollar battle to fight fraud.
The Scale Of Fraud
Fraud has a staggering impact on individuals and businesses in nearly every industry. For instance, more than one million people die each year from counterfeit drugs that enter the pharmaceutical supply chain (Interpol), fraudulent goods are a $1.8 trillion industry.
Also, 15% of components in US armed services machinery are counterfeit and losses to internal fraud constitute 7% of profit for corporations. It is estimated that by 2020, 50% of organizations will lose more than 15% of revenue due to software integrity issues.
— Cryptowerk (@CryptowerkCorp) July 11, 2018
Dirk Kanngiesser, CEO of Cryptowerk said in an increasingly distributed and interconnected world, organizations can no longer risk their businesses on outdated security measures that have proven massively ineffective at protecting sensitive data.
The CEO said the Cryptowerk’s mission is to help these organizations embed trust into every product, process and transaction, making it easier and more cost-effective to fight fraud while protecting their valuable brand equity.
Cryptowerk And The Fight Against Fraud
Cryptowerk’s customers use the company’s blockchain-powered Data Integrity software to digitally notarize their data, creating a digital hash, or “fingerprint,” of the data that can be stored as immutable proof of authenticity on any public or private blockchain. The original data stays private and is never transferred to Cryptowerk. This approach also solves the throughput and cost limitations of public blockchains, making them practical for use in enterprise-grade, high data volume applications.
The company’s solutions are used in applications such as supply chain “track and trace,” software distribution, and to prevent catastrophic data manipulation. For example, Cryptowerk is working with the Center for Supply Chain Studies, a non-profit group that is exploring the use of blockchain technology for pharmaceutical supply chains.
Cryptowerk integrates easily with most blockchains, such as the SAP Blockchain Cloud Service, Bitcoin, Ethereum and IBM Hyperledger, making it easy for developers to leverage the immutability of blockchains in their business processes and applications. Cryptowerk’s Enterprise Blockchain Enablement Kit is SAP-Certified and is available today on the SAP App Center.