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VAI Eyes Regulators' Role In ERP Blockchain Adoption

Enterprise resource planning (ERP) doesn’t look like it used to. With the emergence of new corporate finance and management apps, ERPs are turning into a central repository of data collection, and according to VAI vice president of sales Joe Scioscia, ERP now has an opportunity to embrace tools like blockchain.

In a recent discussion with PYMNTS, Scioscia said that organizations demand real-time visibility of data across apps and systems. Blockchain’s security and data management potential makes it an attractive technology in the ERP space as providers meet data visibility demand.

“Blockchain is becoming a really interesting technology,” he said.“It can provide full visibility and transparency of the transactions you are doing as a business.”

In industries where data transparency is key for regulatory compliance — like food or pharmaceuticals — mean blockchain adoption might happen more quickly than some think.

“It could really add to food safety, for example, with blockchain being able to store transactions,” he explained.

Blockchain offers a chance to securely store data on a platform where all relative partners and parties can see it. Regulators’ rules for certain markets could actually encourage the adoption of enhanced data security and transparency tools, according to Scioscia.

“It will take some time for customers to understand, and to understand the benefits of, blockchain,” he noted. “There are industries, like food and pharmaceuticals, where regulations are actually going to force the hand of those companies [to adopt] that type of technology a little more quickly than others.”

Research from Oracle in its 2018 ERP Cloud Top Trends report identified blockchain as one of several technologies disrupting the ERP market. Others include artificial intelligence, Internet of Things and machine learning, with 43 percent of survey respondents pointing to AI as an especially interesting innovation.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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