International Spanish banking group BBVA announced that it has completed a full lending process, starting with negotiations over the terms of signing the contract to the loan, in a distributed registry (the blockchain).
According to representatives of financial institutions, the technology of the blockchain has reduced the time of the negotiations related to the provision of credit in the amount of 75 million euros, with the «weeks to hours». BBVA was named this process with considerable success in using technology for distributed accounting.
«The blockchain provides obvious advantages for all parties in the market of corporate loans, in terms of efficiency, transparency and security. This is another example of how advanced technology can be used for financial services, which is our Central strategy,» said the head of BBVA Carlos Torres Vila (Carlos Torres Vila).
In the framework of the pilot BBVA will use the public blockchain to negotiate and complete the lending process, after which the project will be transferred to the Ethereum blockchain. BBVA is also developing applications based on this technology to international trade and international lending.