SAP makes first blockchain payment from Spain to Germany

Blockchain technology can finally move from the experimental stage to the usable conceptual stage in the financial sector. SAP , one of the largest Internet companies in the industry, has worked with many companies to develop international Bitcoin payments. Compared with traditional methods, it is now very easy to transfer funds from Canada to Germany, and the cost is very low.

Corporate cooperation is the key to the global use of blockchain, and cross-border transfers using blockchain technology have been very successful. The network used for transactions is built on SAP technology, combined with Ripple's advanced blockchain network technology.

Effective combination of Ripple blockchain and SAP

  Instead of taking 2-6 days to transfer funds, it can be completed in 20 seconds. This reduction in transaction time is critical and an important example of the power of blockchain. This disruptive technology eliminates the need for reconciliation and account records with counterpart banks.

Curtis Stange , COO of ABT Financial, told the media: "Using SAP HANA's cloud platform, we have the flexibility to experiment with blockchain innovations. In the next stage, we will work with SAP and Ripple to understand the front-end technology and better consider the interests of our customers."

Bitcoin is based on blockchain technology, which has allowed for the instant and frictionless transfer of funds for seven years . Only now is this technology taking the path of traditional finance. The proof of concept for the funds transfer was developed by all parties in just nine working days. SAP in New York provided the mobile user interface to execute the payment, which allowed the entire process to be directly displayed to all parties involved.

By connecting the SAP HANA cloud platform , SAP's payment machine and the Ripple network, the transfer can be almost instantaneous. We can see that some banks , such as ATB and ReiseBank AG , are open to using blockchain technology. We all need to use blockchain technology in a positive way and with a forward-looking approach.