BBVA Plans Enabling Blockchain For Loan Issuance
April 27, 2018
Large Spanish bank BBVA will become the first one to issue loans via distributed ledger. All activities from negotiations to document execution will be based on blockchain.
Integrating the project is estimated to save much time spent for issuing loans, for instance, a 100 million dollar loan procedure will be executed in a couple of hours rather than days while security of the bank’s customers increases.
Note that BBVA together with Wave have launched earlier a trial Blockchain project aimed at automation of document flow in export-import business between Spain and Latin America.