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…