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Ripple and SAP collaborate on international settlements using the blockchain

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Banks like ATB Financial Bank Canda and ReiseBank AG Germany have been using Ripple blockchain since 2016 already.

Sometime in September, Enterprise Software maker SAP organized a chat on Twitter to explain to its users the workings of blockchain technology. The conversation focused on basic information on how blockchain could be used to improve business operations and processes, making several industries more efficient by optimizing transaction efficiency.

In the process of sharing information with their clients, SAP made known nuggets of revelations that users were quick to latch onto: SAP was testing and looking into integrating with Ripple’s default virtual currency, XRP.

The news came from SAP’s Product Marketing Consultant, Sarah Austin who doubles as an entrepreneur and content creator and has been featured in the Forbes under 30 lists. Sarah started working at SAP in 2012.

Today, it comes as no surprise that SAP is warming up and venturing into blockchain technology. As a market leader and a legend in the field of enterprise application software in the enterprise world, the German multinational company is happy to announce their collaboration with the virtual fintech company Ripple and two financial institutions in their quest to demonstrate how banks can improve their efficiency in conducting cross-border settlements by using blockchain technology.

Working in harmony, SAP and Ripple teams partnered with ATB Financial in designing and developing a proof-of-concept prototype that is based on blockchain technology. The proof-of-concept prototype was used to transfer a test CAD 1,000 US dollars settlement from ATB Financial to ReiseBank.

Going by the SAP media briefing, the settlement, that would have characteristically taken more than three business days to process due to the processes that include reconciling accounts and settling with the counterparty bank was executed end-to-end in a record time of about 10 seconds.

The use of cryptocurrency and blockchain technology for quick, cheap, and efficient international settlements is nothing new. What is making this whole process interesting is the involvement of SAP.

With over 70,000 employees, 310,000 corporate clients globally and an estimated annual revenue of over 20 billion Euros, SAP is the world’s third principal independent software manufacturer based on market cap. The company has long been considered as the embodiment of European quality that has a robust, no-nonsense enterprise computing for large companies.

The Bridge Between Ripple’s Network and SAP, xVia

According to the definition availed by Ripple.com, xVia is one of the Ripple products tailor-made for corporates, financial institutions, banks, and settlement providers who want to transfer money across several platforms using a standard interface.

The product’s easy to understand API requires no software installation and allows users to seamlessly transfer settlements worldwide with transparency into the settlement status and with relevant information, like an invoice, attached to the payment.

Ripple’s Network

Ripple’s network which is also known as RippleNet is a decentralized global system of payment providers, financial institutions, and banks that use Ripple’s distributed financial technology. Ripple’s distributed financial technology provides real-time clearing, messaging, and settlement of monetary payments.

Enterprise Resource Planning (ERP)

ERP is a software that deals with business processes and management that allows a company to use a network of integrated applications to manage the organization and assists in automating some back-office functions that are related to technology, human resources, and services.

Oracle ERP Cloud solutions and SAP are some of the well-known examples of ERP software.

xVia as a Bridge

Being API based, xVia can be used to link these ERP software solutions such as SAP to Ripple’s network. xVia can be embedded into banks or relevant ERPs, or any application build by software providers. The everyday activities can then be driven through xVia’s API connection and then later to Ripple’s network allowing seamless software settlements solutions at one go.

In computer programming terms, an API can be defined as a set of clearly defined approaches of communication between various software components.

In summary, xVia can connect companies and firms that operate with ERP software solutions on Ripple’s Network.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Rawpixel/PixaBay

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How Cryptocurrencies Will Change Online Gambling in the Future

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online gambling
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Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.

An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.

A Post-Legality Era

Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.

In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…

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VOLUM (VLM) Announces Commencement of Token Generation Event

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ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

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How to Secure Yourself in Relation to Bitcoin: Top VPN Services

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Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

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