BBVA Bank Uses Waves Blockchain To Process International Trade Transactions
Spanish banking giant BBVA reported on successful testing of a blockchain system designed to carry out trade operations between Spain and Mexico.
The system is based on the Waves platform. It allows you to automate the process of processing electronic documents, thereby speeding up the process of sending, checking and authorizing cross-border transactions..
According to BBVA, the new system will reduce the verification time of documents from 7-10 days to 2.5 hours.
According to the head of international trade at BBVA Patxi Fernandez de Troconis, the proposed system could become a “breakthrough” in the field of international trade.
“The processing time for documents has been reduced to several hours. All participants – banks, importer and exporter – knew the status of document processing throughout the entire process, “he said..
During the trial, a letter of credit was processed to transport 25 tons of tuna purchased in Mexico by a Barcelona company.
BBVA says blockchain creates “a secure digital environment that can form the basis of a global trading floor for international trade.”.
Previously, the bank was already interested in the capabilities of distributed ledger technology. In March BBVA joined Hyperledger blockchain consortium, which includes more than 100 startups and companies interested in developing enterprise-grade projects.
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