Of the many barriers to blockchain adoption that enterprises must contend with, one of them has to do with basic record-keeping issues. If you've ever studied the details of just a single blockchain transaction, then you'd know that, from a financial point of view, such transactions look nothing like the sorts of transactions that are typically recorded into an organization's financial ledger or enterprise resource planning (ERP) system.

Blockchain transactions have multiple "ins" and "outs" and involve financial values that go up to eight decimal points or more. From one chain to the next, there are wildly different transaction fee structures involving multiple fee types, all of which have to be individually recorded and categorized. And then there are the compliance issues. The organizations that set the standards for how all transactions are recorded (blockchain or not) like the Financial Accounting Standards Board (FASB) are just now issuing their final guidance on how to comply with Generally Accepted Accounting Principles (GAAP).

Meanwhile, today's ERP and accounting systems are light years behind. Enter Bitwave; a solution provider that bridges the gap between the way transactions are recorded on dozens of different distributed ledgers and a multitude of existing enterprise financial solutions such as Oracle Netsuite.

To find out more while he was covering Consensus 2023 in Austin, TX, Blockchain Journal editor-in-chief David Berlind interviewed Bitwave co-founder and CEO Patrick White at the Enterprise Digital Assets Summit (a satellite event that took place the day before Consensus 2023 started).

To watch the video version of this podcast or read its full-text transcript, go to:

https://blockchainjournal.com/interview/bitwave-looks-bridge-chasm-between-traditional-erp-and-enterprise-cryptocurrency.

The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=eBlbjNRHk3c.