Bank of Spain blockchain pilot to shorten international trade time

nRunaway Comment: A test of the blockchain by Banco Bilbao, using the blockchain technology for sending, reviewing and authorizing trade documents in a real trade deal between Mexico and Spain and using the Wave blockchain platform. Successfully reducing the file transfer time from a few days to hours is a leap forward in efficient international trade. And the trading party has been able to grasp the file status. The bank believes that blockchain technology can create a secure digital environment that will lay the foundation for a global foreign trade market.n
nTranslation: Annie_Xun
Spanish bank giant BBVA has been successful in piloting blockchain solutions with paperless trade between Europe and Latin America.n
The Blockchain Pilot was built on the Wave platform to automate the flow of physical distribution of electronic documents between Mexico and Spain, accelerating the timing of the sending, inspection and authorization of documents in cross-border trade.n
The time spent on document review during testing was shortened from 7-10 days to 2.5 hours.n
Patxi Fernandez de Troconiz, head of BBVA’s global trade, said the blockchain pilot marked a “leap forward” for efficient international trade.n
n”The process of document management has been shortened to just a few hours and all participants, including banks, exporters and importers, have been in control of the status of the documents.”n
nCredit for trade payments was used, and a Spanish company in Barcelona purchased 25 tons of tuna from Mexico.n
Jorge Zebadua, director of strategy at BBVA Bancomer’s Bancomer Corporate Banking and Governance, said using blockchain in foreign trade creates a “secure digital environment that underlies the global foreign markets.”n
The blockchain pilot is part of BBVA’s digital digitization of finance through emerging technologies such as blockchain.n
The bank has been working on blockchain technology and joined Hyperledger in March, Hyperleger, to work with more than 100 start-up companies and businesses on enterprise-focused projects.n

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