The second-largest bank of Spain Banco Bilbao Vizcaya Argentaria (BBVA) became the first in the world financial institution taking advantage of technology of blockchain for the grant of the lending facilities. A credit to the amount of 75 million euro was given out to one of corporate clients of bank.
On information of edition, for the settlement of a transaction both parties the separate was used private blockchain, however later a transaction was registered in public Blockchain Ethereum with the use of the system of smart contracts.
Chief executive of BBVA Carlos Torres Vila was expressed by optimism concerning application of blockchain in the banking systems, marking that technology allowed to shorten time of conclusion of treaty “from a few days to a few hours”.
“Blockchain gives mass of useful properties, especially when business touches the market of corporate mutual relations. Blockchain does cooperations effective, safe and transparent. The transaction accomplished by us is another example that, how innovative technology can be used in the field of financial services”, – declared Torres Vila.
He added also, that a bank intends to be “fully focused on the study of potential of blockchain for his use in the grant of the services”.
An experimental project BBVA will use private blockchain for negotiations and completion of process of crediting, whereupon he will be registered and complete on public Blockchain Ethereum. BBVA also develops the appendixes of blockchain for international trade, international crediting and foreign currency.
BBVA with enthusiasm accepted NT and business models. He invested in a few new enterprises, including solarisBank worked on creation of the first cryptocurrency trade ground in the bank of VPE in Germany.
Blockchain has a strong attractiveness in the field of corporate and syndicate credits, as a corporate and syndicated crediting more difficult, than consumer crediting; records must be accessible to more wide circle of persons.