BlockChain Technology and SAP (3 min read)

There is already a bank in Toronto, the ATB financial which has transferred some money to a bank in Germany (RaiseBank) using Ripple Blockchain Network. Someone from work sent a link today with this new, so after reading it I have been thinking about it.

This type of transactions normally take six days but using blockchain technology is almost instant.

One of the most interesting part of this is that SAP built the prototype to connect the payment module to the blockchain network. Remember that 60% of all companies worldwide use SAP.

I think we are witnessing a big change in our financial system. The digital money is taking over and Steemit knows that, thats why it has positioned on the right spot moving to the right direction.

I work myself in SAP and I work a lot with the banks to configure the communication between SAP and the bank. The process is as follows:

-Within SAP the logistics modules create an order and create an invoice. Let´s say a vendor invoice.

-The payment module in SAP make a payment to that invoice and after some approvals a file is created. Before it was a .csv file but since couple of years everything has changed to .xml. This xml file generated in SAP is populated with mandatory values like the name of the vendor, the bank account of the vendor, the type of transaction (SEPA, SEPA URGENT, or many others depending on the country where the bank of the vendor is)

-Bank receive the file and execute the payment

-Bank send back the bank statement to the company so that the banking reconciliation occurs. This way we have a mirror from the real bank accounts in our SAP system. We know how much money we have in our bank accounts by looking into SAP. Well, actually we know the balance of the account from the previous day because the bank statement is sent always with one day delay. There are other tools to predict the liquidity and plan the cash flows but i´m not going to dig into it.

Now, my prediction is that in the coming future virtual coins will be used as often as Eur. I imagine a scenario where when SAP consultants are implementing SAP in one company, we will have Eur, Usd, Bitcoin, Steam and others. In the same way the real bank accounts will be also set up in virtual coins.

If I go further in my prediction I think future transactions from Steemit to our real bank accounts will occur instantly because both entities will share the same currency. Then we will have like a digital card with a little screen on it where you can see how much steam or bitcoins you have and with this card you will be able to buy in any shop.

Would you be ok earning your salary from your normal daily job in any virtual coin?