The leading Spanish banking group collaborates with the Repsol company to develop financial solutions and boost their efficiency. The product has been developed using Hyperledger and the Ethereum test network.
The new technology is an evolution of the existing blockchain-based platform by BBVA for conducting the entire loan at all stages. This spring BBVA group became the first bank to issue a corporate loan ($86 mln), using distributed ledger technology (DLT). It helped the company greatly reduce processing time to one hour (instead of a few days).
Recently, Carlos Torres, BBVA’s CEO, said blockchain is “not mature,” and problems with tax authorities and financial regulators should be addressed. He also added that blockchain have benefits relevant for its business and BBVA wants to find tools for properly use it.