Spanish Bank BBVA Becomes First Bank to Issue Corporate Loan via Blockchain

[kreslik.news]

Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest lender, has become the first banking institution in the world to issue a loan using the distributed ledger technology, according to a Financial Times report.

The loan worth €75 million ($91.33 million) was issued to one of the bank’s corporate clients and the entire process involved in the sanction of a loan – from negotiations to the signing of the loan – was done on a mutually shared distributed ledger.

Although the bank used a private blockchain for negotiations and completion of the process for the pilot project, it latter registered the complete ... (read more)