The world's first loan issuance on Blockchain
A multinational bank from Spain became the first to issue a corporate loan on Blockchain technology, reported Financial Times on April 25
The entire loan process, from negotiation to the signing, was conducted with the use of Blockchain. Both sides, Banco Bilbao Vizcaya Argentaria (BBVA) and the borrower, were informed of the loan’s progress. The technology allows to significantly shorten the time spent on issuance: from «days to hours».
The bank is working on Blockchain applications for international trade, lending, and foreign exchange. BBVA would also be launching a pilot program with Spanish telecom corporation named Indra, which is described as “at the vanguard” for Blockchain applications.