BBVA became the first global bank to issue loans using blockchain technology.
The Spanish multinational bank said that whether it is negotiated or signed, the mature distributed ledger can be used to manage the entire lending process, so that banks and borrowers can understand the progress of the loan.
According to reports, the use of blockchain can reduce the negotiation time for loans of 75 million euros from “a few days to a few hoursâ€. BBVA called this process "a significant advance in the development of distributed ledger technology."
Carlos Torres Vila, CEO of BBVA, said that many of the bank's transactions are ongoing, and the bank will launch a pilot project with Spanish telecommunications company Indra. Indra previously called himself a "pioneer" in blockchain applications.
Blockchain is highly attractive in corporate and syndicated lending because corporate and syndicated loans are more complex than consumer loans; records must allow more people to access. Carlos Torres Vila said:
“The blockchain can bring efficiency, transparency and security to all parties in the corporate lending market... This is another good example of transformative technology used to increase the value of financial services and is at the heart of our strategy. â€
BBVA's pilot project will use the private chain to negotiate and complete the loan process, which will then be registered on the Ethereum public chain. BBVA is also developing blockchain applications for international trade, international lending and foreign exchange trading.
BBVA is actively adopting new technologies and business models and has invested in several new companies, including solarisBank, which also helped German VPE Bank develop the first encryption trading platform.
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