Banco Bilbao Vizcaya Argentaria (BBVA) has signed another blockchain-based loan with engineering firm ACS Group, as indicated by the BBVA’s official explanation July 19.
BBVA, a multinational Spanish banking group, signed to an arrangement with ACS to give a long haul bilateral corporate credit of €100 million ($117 million).
The new blockchain-controlled loan contract will apparently help the proficiency in financial procedures of the organization, permitting better straightforwardness and traceability of contractual procedure.
Settling the loan on a blockchain enables the two parties to autonomously monitor the phases of an agreement and also the conditions. The pilot also incorporates digitization of the negotiating procedure with the administration time anticipated that would be lessened “from days to hours.”
In April 2018, BBVA effectively did “the first global corporate loan transaction ” utilizing blockchain innovation with a Spanish information innovation Indra.
A month ago, the BBVA announced that it signed to another blockchain-based system with one of the main worldwide oil and gas industry organizations Repsol to reestablish a credit line worth €325 million ($377 million), which is supposedly the first utilization of blockchain innovation in the circle of the corporate fund.
While the company is currently grasping blockchain innovation, also applying distributed ledger technology (DLT) in preparing and dealing with shipping document submissions, BBVA CEO Carlos Torres recently guaranteed that blockchain is “not mature” and faces real issues. Torres included that, in spite of its contemporary difficulties, “when it is mature and regulators are ready,” BBVA needs to have the instruments important to apply the innovation to significant utilize cases.