BBVA Inks New Blockchain-related ACS Loan
After a successful round of tests of a loaning and credit facility earlier this year, the BBVA has just used blockchain-tech to sign off a new loan with the ACS, a civil engineering company in Spain.
Signing with ACS, the bank agreed to hand over an open loan of $117M to the company as a means of financially providing for itself. Seeing as how the loan was conditioned digitally, the time it takes to process a negotiation and concluding the conditions of the loan and their agreement, what would take days, in general, has only taken a few hours.
As the second biggest bank in Spain, BBVA has claimed that it was the first to utilize blockchain technology to issue loans and has claimed that its pilots were a success. Indra and BBVA collaborated and distributed $87M in loans through distributed ledger technology and digital contracts.
After the claims, the bank a 325M euro credit line using DLT and digital contracts to deal with Repsol SA, a company in Spain operating in energy. The bank is also currently researching and producing various ways of developing blockchain projects in relation to global pay, trade and Forex transactions.