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BBVA Blockchain Pilot will accelerate international trade operations



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



28.Nov.17 3:07 AM
By Daria Zaytseva
Photo Toinnov.com

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BBVA Blockchain Pilot will accelerate international trade operations

The blockchain pilot, built on the Waves platform, was designed to automate the electronic submission of documents for the actual sales transaction between Mexico and Spain in order to speed up the time required to send, verify and authorize cross-border trades, according to press release.

The blockchain system reduced the time taken to validate the document, from 7-10 days to 2.5 hours.

According to the chief of the global trade department of the BBVA, Patxi Fernández de Trocóniz, the blockchain pilot marks a "leap forward" for effective international trade operations.

The payment of the transaction was carried out using a "letter of credit" for the transport of 25 tons of frozen tuna, bought from Mexico by a company in Barcelona.

The blockchain pilot is part of the efforts of the BBVA to digitize finance aspects using emerging technologies such as blockchain, the release added.

BBVA joined the Hychledger blockchain consortium in March this year, joining 100 startups and enterprises already participating in the enterprise-oriented project.




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