BBVA Blockchain Pilot Cuts Time for International Trade Transactions

Spanish banking giant BBVA has successfully piloted a blockchain solution for paperless trade transactions between Europe and Latin America.

The blockchain pilot, built on the Waves platform, was carried out to automate electronic submission of documents for an actual sale transaction between Mexico and Spain in a move to speed up the time required for sending, checking and authorizing cross-border trades, a press release states.

The trial saw the time taken for document verification reduced from 7–10 days to 2.5 hours.

According to Patxi Fernández de Trocóniz, head of global trade at BBVA, the blockchain pilot marks a “leap forward” for effective international trade transactions.

He stated: […]

Read Full: BBVA Blockchain Pilot Cuts Time for International Trade Transactions – CoinDesk