An agreement to develop blockchain-based solutions for banking was signed by Repsol, a Spanish energy company, and the BBVA banking group.
“Repsol wants to actively take part in collaborative environments. Blockchain is a disruptive technology that is here to stay and the agreement with BBVA advances our strategy of driving digitization in all areas of our activity.” – Nuria Ávalos, Repsol’s head of Blockchain and Digital Experimentation, explained.
BBVA has a larger strategy of using blockchain technology in corporate banking. This latest solution is a part of that strategy. It is also an evolution of the platform BBVA designed to handle the entire loan process using blockchain. Back in April, BBVA was the first global bank to process a corporate loan of €75 million, using distributed ledger technology.
The product BBVA and Repsol are currently working on, uses multiple blockchain technologies, including Hyperledger and Ethereum test network.
Blockchain for Banking
Multiple other banks already tested the blockchain technology.
The Royal Bank of Canada recently filed a patent for blockchain-based credit score platform, while Febarban, a Brazilian Federation of 120 banks, has been exploring the blockchain technology since 2016 when it created the Blockchain Working Group.
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