Bbva And Repsol To Build Blockchain Finance Apps, Bbva Issues Record €325m Credit Line On Its Blockchain Network

Spanish banking giant BBVA has an early adopter when it comes to exploring and using blockchain in its legacy business, being the first global bank to use its blockchain network, built with distributed ledger architecture, to issue a corporate loan earlier this year. Now it is taking the next step: BBVA has inked a partnership with Repsol, the Spanish energy giant, to build blockchain-based corporate finance solutions, and as first step BBVA has transferred a credit facility of €325 million ($375 million) using its blockchain network. BBVA says that this is the first time that distributed ledger technology has been used to issue a credit facility, and as with the loan it issued, the incentive for doing so is to reduce the time it takes to do this: the process takes “a matter of hours rather than days in a fully transparent operation that allowed the tracking and approval of the documentation involved.” It said “different types of blockchain” were used in the transfer, including a Hyperledger private blockchain network, with the signed contract registered using the Ethereum test network through a hash, a “unique document identifier that guarantees its immutability”. “This operation is the fruit of BBVA’s pursuit of integrating innovative and disruptive financial products for corporate clients and to offer them the best solutions that meet their needs,” said Alicia Pertusa, the head of strategy and blockchain at BBVA, in a statement.