BBVA, Repsol leverage blockchain tech for corporate finance

Thursday 21 June 2018 00:39 CET | News

BBVA, a multinational Spanish banking group, has signed an agreement with energy company Repsol to develop blockchain-based financial solutions.

As the first initiative under this alliance, BBVA and Repsol have closed a revolving credit facility (RCF) which uses distributed ledger technology (DLT). The RCF was valued at EUR 325 million and was completed using BBVA’s blockchain network.

The solution developed by the companies used different types of blockchain – the negotiation between the two companies and agreement of the conditions was developed using a private blockchain network (Hyperledger), while the signed contract was registered using the Ethereum test network (testnet) through a hash, or unique document identifier that guarantees its immutability.

BBVA is a member of large global blockchain consortiums such as R3, Hyperledger, Enterprise Ethereum Alliance and Spain’s Alastria. Speaking at a seminar recently, BBVA CEO Carlos Torres Vila announced that the Group will begin testing the negotiation and contracting of syndicated loans using blockchain, according to Econo Times.

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Keywords: BBVA, blockchain, partnership, Repsol, trade finance, corporate finance, banking group, DLT
Countries: World