follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here

Author Topic: Spanish BBVA Becomes First Global Bank To Issue Loan Using Blockchain  (Read 3022 times)

Offline Cordillerabit

  • Legendary
  • *
  • *
  • *
  • Activity: 2948
  • points:
    16277
  • Karma: 104
  • Proud to be here
  • Trade Count: (0)
  • Referrals: 34
  • Last Active: October 30, 2024, 01:47:39 AM
    • View Profile

  • Total Badges: 27
    Badges: (View All)
    Sixth year Anniversary Fifth year Anniversary Fourth year Anniversary

Banco Bilbao Vizcaya Argentaria (BBVA) became the first global bank to issue a loan using Blockchain technology, FT reports April 25.

The Spanish multinational bank said it conducted the entire loan process, from the negotiation of terms to the signing, on a mutually distributed ledger that informed both the bank and the borrower of the loan’s progress.

Using Blockchain reportedly cut the negotiation time for the €75 mln loan from “days to hours”. BBVA called the process a “significant advance in the exploitation of [distributed ledger] technology”.

BBVA CEO Carlos Torres Vila said that the bank had “several more transactions in the immediate pipeline”, and that the bank would also be launching a pilot program with Spanish telecom corporation Indra. Indra has described itself as “at the vanguard” for Blockchain applications.

Blockchain has strong appeal in the sphere of corporate and syndicate loans, as corporate and syndicated lending is more complex than consumer lending; records must be accessed by a wider range of individuals. Torres Vila said:

Quote
“Blockchain can offer clear advantages for all sides in the corporate loan market in terms of efficiency, transparency, [and] security… It’s another strong example of how disruptive technology can be used to add value to financial services, something that is central to our strategy.”
BBVA’s pilot project will use a private Blockchain for negotiating and completing the loan process, after which it will be registered and completed on the Etheruem public Blockchain. BBVA is also developing Blockchain applications for international trade, international lending, and foreign exchange.

BBVA has enthusiastically adopted new technology and business models. It has invested in a several new ventures including solarisBank who, as Cointelegraph reported today, worked to develop the first crypto trading desk at VPE bank in Germany.

Source
Xmusic Chorus
Donations BTC: bc1qpfwrj00ey5zwnxp589s5qmulh5hscau2q5mayg
FB Page"|Subscribe my youtube channel "Xmusic chorus"

Altcoins Talks - Cryptocurrency Forum


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here


Offline MrMesa

  • 1st Step
  • *
  • Activity: 1
  • points:
    122
  • Karma: 0
  • Trade Count: (0)
  • Referrals: 0
  • Last Active: October 26, 2020, 04:27:05 PM
    • View Profile

  • Total Badges: 5
    Badges: (View All)
    First Post Avatar Third year Anniversary
Re: Spanish BBVA Becomes First Global Bank To Issue Loan Using Blockchain
« Reply #1 on: October 22, 2020, 11:28:50 PM »
It is very good that banks have started using cryptocurrency, I think it will significantly increase the security of transactions.  :)

 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod