Since the inception of PRVD OASIS earlier this year, Chainlink and Provide have been working to advance a leading, production-grade implementation of the Baseline Protocol—an open standard that helps synchronize multi-party workflows across various sectors. The ultimate goal has been to further the mission of permeating decentralized finance across global commerce.
During the first official PRVD OASIS Project Governance Board Meeting, proUBC was officially added to the PRVD OASIS project charter. proUBC is an open-source ABAP implementation of the Baseline middleware pattern for SAP, written specifically for use with the PRVD stack.
The induction of proUBC into the PRVD OASIS charter marks a significant step toward widespread enterprise adoption and community development, as well as an opportunity to strengthen collaboration with other PRVD OASIS founding members.
There is a wide variety of essential functions when it comes to SAP and Enterprise Resource Planning in general: Procure to Pay (Procurement), Order to Cash (Sales), Record to Report (Finance), and Plan to Produce (Manufacturing) to name just a few.
Price and cost-related data is of paramount importance to these SAP business processes. In many ways, it’s the most essential data SAP uses. However, price and cost data in SAP that has external variables (e.g. forex, commodities pricing, inflation) can be difficult to manage in real-time. To achieve the necessary level of trust between vendors and business partners, companies using SAP often expend valuable resources maintaining this data, only for it to become stale quickly. This oftentimes leads to increasing costs going unnoticed and only being realized after the fact, at financial close.
If companies had a reliable and convenient way to achieve trust dynamically and in real-time, the savings SAP users could realize would amount to billions of dollars in cost reductions and efficiencies based on real-time, trusted data for both real-world and digital assets.
Chainlink Meets SAP via proUBC
Chainlink is the industry-leading oracle network securing tens of billions of dollars for leading dApps across multiple blockchains. By accessing Chainlink trust-minimized services in SAP via proUBC, enterprises will be able to conduct business via smart contracts in a trust-minimized manner.
“We are excited to support Provide in their integration of Chainlink into proUBC, the open-source ABAP implementation of the Baseline middleware pattern for SAP. Through the integration, enterprises will be able to access trust-minimized services from Chainlink to enable them to begin seamlessly conducting business on-chain.” — William Herkelrath, Managing Director at Chainlink Labs.
We take pride in having Chainlink as a PRVD Oasis sponsor, and also in integrating Chainlink to help enterprises securely and reliably interact with smart contracts. This will enable never-before-realized Web3 business models and foster global financial inclusion in the unique way only digital assets make possible.
“Chainlink is the category leader in providing real-world data and off-chain computation to blockchains and, as such, will become a cornerstone of many SAP projects integrating proUBC to enable Web3 business models and the Baseline Protocol standard. We look forward to demonstrating how proUBC utilizes Chainlink in the upcoming Chainlink Fall 2022 Hackathon and will plan to onboard several other integrations to Chainlink in the months ahead that drive value to SAP users, PRVD Oasis members, and Provide customers alike.” — Ryan Fleishmann, SAP Architect and Developer Evangelist at Provide
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Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
Provide is a global leader in delivering real value on the promise of enterprise blockchain, working with Global 2000 organizations and their ecosystems to scale its state-of-the-art corporate data sharing technology stack featuring zero-knowledge cryptography to the enterprise and beyond. Provide is a pioneer making web3 easy for organizations to adopt by way of Shuttle, the low/no-code workflow designer for serious public blockchain projects seeking to synchronize global ecosystems and tokenize everything. The PRVD stack was donated by Provide to OASIS in 2022 alongside the charter for the PRVD OASIS Open Project.
For more information visit provide.services or schedule a call with our team.