LONDON, Nov. 5, 2020 /PRNewswire/ -- Mentat Innovations, a leading artificial intelligence and blockchain solutions provider to global enterprises, today announced that it will develop an open source SAP connector and Enablement API to the Algorand blockchain. Algorand, the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products, provides a stable and fast blockchain that is purpose built for enterprise type applications that Mentat's clients are planning to deploy on established software platforms like SAP.
Mentat has chosen Algorand as their preferred blockchain platform due to the global scale, speed and security enabled by the Algorand protocol and by the flexibility provided by Algorand Smart Contract (ASC1) and Algorand Standard Asset functionality. The combination of scale and flexibility is critical in supporting Enterprise adoption across a very wide range of use cases.
Mentat's customers are governments and large enterprises globally that are actively looking for the latest technology innovations that can provide immediate competitive advantage. To date, early blockchain platforms have lacked the speed, scale and transactional cost efficiency to be immediately useful in enterprise settings. With this new offering between Mentat and Algorand, any enterprise within the SAP platform ecosystem will be able to integrate and interoperate with Algorand's blockchain seamlessly.
"We have been looking for a blockchain partner that can power efficiently fast and scalable enterprise distributed ledger and transactional applications. We are delighted to work with Algorand on building a solid bridge to real world enterprise applications on the SAP ecosystem," said George Cotsikis, CEO of Mentat Innovations. "The Mentat team is grateful that the Algorand Foundation is supporting this endeavour in building together a shared vision of enterprise blockchain usage."
The Algorand Foundation is supporting Mentat through its 250M Algo Foundation Grant Program, that is designed to foster innovation and on-chain development in the areas of research, education, infrastructure and applications.
About Mentat Innovations
Mentat Innovations delivers Artificial Intelligence and Blockchain solutions for enterprises that are seeking to unlock the hidden value of their data. Mentat has worked with the UK Government, Global Investment Banks, Hedge Funds, Fintech, Telcos & Industrial companies. Mentat delivers transparent full stack solutions that accelerate enterprise performance, fusing the latest academic innovations to applied software development. More info at https://ment.at
About Algorand Foundation
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation envisions a wide breadth of applications being built on the Algorand protocol by a new, broader community of blockchain and mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner. More info at https://www.algorand.foundation
About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
For more information, visit https://www.algorand.com
SOURCE Algorand Foundation