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Blockchain is too important to be ignored

The head of the German SAP banking software company considers blockchain too important technology to the surrounding could just turn a blind eye to it.

Also, he is confident that the banking sector has long realized this. Falk Rieker said this in a video interview for Finextra edition.
"In recent months, there was a record number of companies engaged in blockchain; investment in the industry is also growing steadily. Many banks are exploring technology to find the best options for its use. A key advantage of blockchain technology is reducing costs. By 2022 it could reach $15-20 billion of annual savings," said Riker.

Falk Rieker calls payments, syndicated bank loans, trade finance, transactions in bonds, OTC financial instruments and insurance among the main areas of blockchain technology application.

He also cited the example of a Canadian bank ATB Financial, which last summer with the support of SAP carried out the first in the history of international industry transfer using Ripple blockchain based technology. Then, the transaction valued at C $1,000 on account of German ReiseBank instead of the traditional three days was carried out in 20 seconds.

According to Rieker, similar success is possible also through promotion of the partnership: the banks are becoming more open and willing to cooperate with third parties to use all the advantages that modern technologies bear.

Falk Rieker calls process of introduction of advanced technologies in the financial world the beginning of the industrialization of the banking sector, and blockchain – too important phenomenon to be ignored.


  • November 22, 2016 4:06 PM MSK