Germany's SAP takes on blockchain challenge by building on it

Frankfurt

NEARLY 400 miles (644km) from its German headquarters, in the computer-science hotbed of Potsdam, SAP SE's engineers are trying to head off the latest challenge to its software empire: the blockchain.

The World Economic Forum (WEF) has identified blockchain technology, which underpins the virtual currency bitcoin, as one of six computing "mega-trends" shaping society in the coming decade. In a paper issued last year, the WEF estimated 10 per cent of global GDP could be stored in blockchains by 2027.