With constantly evolving new or revised regulations, an expanding staff, ongoing monitoring, rising costs, etc., managing regulatory compliance has become incredibly difficult for firms in recent years.
There are numerous products on the market, but each offers an offline perspective of compliance at every firm. These offline solutions call for ongoing monitoring, labor-intensive report generation, and manual review of the report output to determine what needs to be “RED” or in compliance before taking action.
Why must we wait until something is “RED” before taking corrective action or other steps?
All of these current methods are reactive—they all wait until something happens before taking any action, which causes the organization to lose money and harms its reputation. PNB fraud is a recent example. The bank suffered significant losses when the reports were officially audited. There should be a mechanism to guarantee that the entity we are defending is always compliant, ensuring that the business is compliant every day.
Top 5 compliance challenges that are in demand worldwide.
- Defending Against Hacking and Manipulation of the Data
- Validation of compliance criteria quickly and easily for quick decision-making.
- Increased spending on compliance-related activities
- Constant Monitoring
- Personal Liability
Blockchain platform for Real-Time Solutions: SAP HANA
Blockchain is designed with collaboration and interoperability in mind. To be clear, neither SAP HANA nor the SAP Cloud Platform Blockchain is the same as the Hyperledger fabric or Bitcoin blockchains.
Blockchain platform for Real-Time Solutions: SAP HANA
To be clear, the SAP Cloud Platform Blockchain and SAP HANA are not blockchain platforms like Bitcoin, Ethereum, or Hyperledger fabric. The idea behind blockchain is one of cooperation and interoperability. Therefore, SAP plans to incorporate it into existing enterprise blockchain platforms rather than launching yet another platform and developing a blockchain ecosystem that is SAP-centric.
Benefits from a Real-Time Compliance Solution
1.Data Protection & Security: The suggested solution will guarantee that the data, which is necessary for company decision-making and is part of compliance, is secure & protected. Data cannot be manipulated by anyone inside or outside the organization, affecting decision-making.
2. Organizations That Are Real-Time Compliant: The suggested method will guarantee that any organization is compliant at all times.
3. Reduced Audit Time and Costs: Audits are expensive and disruptive for most businesses. Periodic internal/external audits are no longer necessary because it is real-time compliant.
4. Avoid Personal Liability: The solution will use technology instead of personal liability or auditor assurance to ensure that the organization is compliant.
5. Decision-Making Will Be Quick & Accurate: Because the Organization Is Real-Time Compliant, Top Management Won’t Have To Wait For Extensive Time-Driven Reports.
Stellar Consensus Protocol: A sneak preview (SCP)
Users of SCP blockchain can create and enhance applications that employ blockchain technology. That might not be all that special. However, the connection of SCP blockchain (or necessary blockchain as a service) with SAP Leonardo is crucial in this situation because it enables the practical deployment of the technology to increase the potential of large-scale IoT projects and digital supply chain applications.
As an expansion, SAP introduced SAP HANA Blockchain, which links the most well-liked business blockchain systems with an environment’s SAP HANA database. Since SAP is a leading contributor to the Linux Foundation’s Hyperledger project, SCP Blockchain supports MultiChain and Hyperledger fabric. SCP Blockchain can connect to any supported blockchain network through a cloud service on the SAP Cloud Platform. By connecting this cloud service and SAP HANA with SAP HANA Blockchain, on-chain data is represented in SAP HANA as a collection of standard column store tables. Due to its modular design, other blockchain systems can be added in the future.
This technique calls for two elements.
- The SAP HANA Blockchain service is a cloud service made possible by the SAP Leonardo blockchain.
- An SDI connector included with your SAP HANA instance and accessible through the SAP ONE Support launchpad is the SAP HANA Blockchain adapter (formerly Service Marketplace).
The SAP HANA blockchain adapter connects to the cloud-based SAP Blockchain service through the HANA blockchain service. The interaction of the various elements ensures that SAP HANA receives a copy of any transactions uploaded to the blockchain. Because of the bi-directional nature of this replication, transactions that are added to SAP HANA also make their way back to the blockchain, where other apps can use them.
How is SAP Making the Change to Blockchain?
SAP has introduced Blockchain-as-a-Offering, an experimental service (Baas). As part of the SAP Cloud Platform, it is embedded. Since the investment is minimal, the danger is also minimal. It also ensures safety because it employs blockchain technology. It enables companies to design unique blockchain apps and smart contracts. Creating a prototype and testing it is the first step; a full version can be developed if it works.
Member of the Blockchain Research Institute since its inception in SAP.
While being a pioneer in the utility sector, it also plays a key role in the Hyperledger. Blockchain is even applicable to the energy industry. Numerous devices are being used, and numerous transactions are being completed. These can be decentralized using blockchain.
Additionally, because transactions are encrypted using cryptographic techniques, they are the safest because they cannot be changed or compromised. This facilitates device-to-device communication. A consensus process is also used in blockchain technology. The transaction blocks are unchangeable. This implies that every link in the chain should concur.
Final Thoughts
Despite its many benefits, blockchain technology has several downsides. Due to the size and scope of the utility industry, it’s possible that blockchain technology isn’t fully developed enough to handle all transactions without human assistance. The transactions take much longer than is necessary. Smaller transactions would not be feasible or, more accurately, would have to be avoided because they would take a long time. But overcoming challenges is where companies like VIZIO help.
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