Spanish BBVA Becomes First Global Bank To Issue Loan Using Blockchain

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…

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