On July 19, Banco Bilbao Vizcaya Argentaria (BBVA) has announced that it had signed a new blockchain-based loan with ACS Group, a civil engineering company. The agreement was signed to obtain a long-term corporate loan of €100 million. The new loan contract will improve financial processes of the company, making them more transparent and traceable.
According to Cointelegraph, settling the loan on a blockchain provides independent monitoring of the contract conditions for both companies. The pilot also implies digitization of the negotiations and reduction of the management time.
As previously reported, in June the BBVA signed a blockchain-based agreement with Repsol, a global energy company, to renew a credit line worth €325 million. According to the media, it was the first application of blockchain technology in corporate finance.