Spanish Corporate Giants Adopt Blockchain
July 24, 2018
One of the Spain’s largest corporations Banco Bilbao Vizcaya Argentaria (later referred to as BBVA) is the first global bank applying blockchain to provide corporate loans has declared partnering up with “Repsol”, Spain-based power resource leader. The partnership is aimed at developing and adopting solutions for corporate financial systems on the basis of the distributed ledger technology.
The case is one-of-a-kind type for the crypto industry as this is the first time blockchain is used for corporate loans. Along with that, process time is cut significantly.
The bank spokespersons tell that the process takes less time with operation being fully transparent and allowing for tracing and verifying papers twice faster.
Remarkable enough, various types of DLT were used in the corporate loans, for instance, Hyperledger and Ethereum test network with unique identifier to verify the document was not modified.
It is to be noted that BBVA and Repsol are the leaders among Spanish corporations. The amount of money spent for the project for both companies is quite insignificant ($177 million) so it is likely to be a test rather than grave revolutionizing solution.
Remember that the BBVA employees used to tell earlier about their plans to expand their own blockchain-based credit lines and discuss the issue of providing syndicated loans in their network.