The Spanish Bank Banco Bilbao Vizcaya Argentaria (BBVA) is the first international Bank, which uses the Blockchain to a loan. In the past, had shown the Bank of the technology open to all. For the industry, you could be a pioneer.
According to a report in the Financial Times, the Bank BBVA has issued the first loan was fully settled on the Blockchain. According to information, the Bank led the entire process on a Distributed Ledger, of the two parties. This includes the initial negotiation of the terms and conditions and the final agreement.
The Blockchain application is the negotiation of the loan has significantly accelerate the process from “days to hours.” According to satisfied Carlos Torres Vila, the CEO of the Bank. So BBVA plane numerous other transactions in this manner. To strengthen the application of the Blockchain in the banking sector, he says:
“The Blockchain offers loans in terms of efficiency, transparency and safety are clear advantages for all sides. It is another strong example of how disruptive technology can be used to improve financial services. Our strategy is of Central importance.“
BBVA: a pioneer in the Blockchain-technology
The BBVA is so faithful and continues to pursue the path of Blockchain implementation. Last year they had carried out together with the platform Waves to a successful digital transfer of data between Europe and Latin America. In doing so, you allowed a paper-free Trade between Spain and Mexico, the the entire process from seven days to less than three hours shorter.
BBVA is Banco Santander is the second largest Bank in Spain. In addition, the Bank is a major player in Latin America, where it is one of the largest banks. Just in terms of the efforts of a cross-border payment transactions or contracts over different continents and time zones away, the Blockchain offers solutions for major international banks and a huge improvement.