July 22, 2016
The race has been on for a while actually, but the speed has been surging with every other week. Since the end of May when we last looked at the latest blockchain pilots and the latest open-source blockchain projects, a lot has happened. A range of new players has launched blockchain trials to find the best application case and bank on blockchain application.
ATB Financial, the largest Alberta-based financial institution, has collaborated with SAP, financial technology startup Ripple Labs and ReiseBank AG in Germany to send the first real international blockchain payment from Canada to Germany, as reported by SAP.
ATB successfully transferred CA$1,000 (EUR 667) to ReiseBank using a network built on SAP technology and Ripple’s network of enterprise blockchain solutions. The payment, which would typically have taken between two to six business days to process because of requirements such as settling with the counterparty bank and reconciling accounts, was completed in around 20 seconds.
The technology prototype connects SAP HANA Cloud Platform, the open platform as a service from SAP, and the SAP Payment Engine application, which centralizes payment processing in one solution, with Ripple’s network. For the demonstration, SAP provided a mobile user i ...