Spanish Bank Becomes First Global Bank to Issue Loan Using Blockchain

Spanish bank, Banco Bilbao Vizcaya Argentaria (BBVA), made history today with becoming the first Global Bank to issue a loan utilizing blockchain technology as reported on April 25.

The multinational bank carried out the entire loan process from negotiation to “terms of signing” on a mutually distributed ledger. The blockchain ledger informed the borrower and the bank of the loan’s progress during the transaction. Negotiation time was literally cut from days to hours utilizing the technology. BBVA called the process a “significant advance in exploitation of blockchain technology”.

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Carlos Torres Vila, CEO of BBVA announced that they had more transactions in the immediate pipeline for this blockchain technology. The bank would launch a pilot program with the Spanish telecom corporation Indra, which has described itself as “the Vanguard for blockchain applications”.

BBVA’s pilot project plans to use a private blockchain for completing and negotiating a loan after it’s been registered and completed on the Ethereum blockchain.

Blockchain technology has always had a strong appeal for corporate and syndicated loans as they are more complex than consumer lending. These types of records must be accessed by a host of individuals.

BBVA also plans to also develop a future blockchain application for international trading, lending, and exchange.

Due to these recent events, BBVA has enthusiastically adopted the new technology and is fully invested in several new joint ventures including ones like solarisBank and VEP bank in Germany, which was the very first crypto trading desk within the country.

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