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Banco Santander and BBVA joined E.U. International Association for Reliable Blockchain Applications (IATBA), as reported by the Spanish business newspaper "Expansion".
The news comes after the banks were invited to attend a meeting focused on blockchain in Belgium, which was hosted by Mariya Gabriel, who is the commissioner for the economy and the digital society, and Roberto Viola, who directs the EU Department of communication networks, content and technology.
This news comes in the wake of a report that BBVA has recently blocked the first syndicated loan for the use of blockchain.
Many banks have sought ways to patent and explore ways in which blockchain could be used, but it seems that the EU is starting to play a major role in developing real blockchain products for commercial use.
Banco Santander and BBVA are the leaders of Blockchain Banking
There was no shortage of blockchain patents taken from global banks. The Bank of America is currently considered the largest holder of the blockchain patent, but may or may not choose to use the IP that spend millions to make sure.
BBVA and Banco Santander seem to be in a different class. Both banks were the first innovators in the blockchain space, and now their decision to join the IATBA demonstrates their willingness to cooperate with regional groups to promote technology as a whole.
The IATBA is scheduled to launch in the first quarter of next year and hopes to help the EU develop appropriate regulations for blockchain applications throughout the EU. Expansion reported that BBVA and Banco Santander are among the first publicly disclosed members of the IATBA.
The European Blockchain Partnership is promoting the IATBA, and hoped to create, "A European Blockchain service infrastructure that will support the provision of cross-border digital public services, with the highest standards of security and privacy".
Expand the cases of use for Blockchain
To a certain extent, large banks are hampered by an aging business model. Central banks in particular are behind the curve, although public sentiment seems to protect them from rapid technological advances.
Many new blockchain platforms are about to change the way businesses do business and some forms of digital payment are key to unlocking the blockchain's efficiency. If central banks and governments will not allow their legal currency to be used, then some other form of agreement will evolve.
BBVA has already started testing Hyperledger and Ethereum with the Spanish energy giant Repsol, and they have also used Ethereum to facilitate a syndicated loan with other major banks at the start of this fall. The major banks are starting to use cryptos in their operations, which could end up supporting the longer-term sector.
The nonsense never seem to stop
Although the blockchain is becoming a go-to technology for banks in the EU, the ECB's best bankers continue to mock Bitcoin.
Benoît Cœuré, member of the Executive Board of the European Central Bank, told the public, "Lightning could hit me for saying it in the Basel Tower (-) but bitcoin was an extremely intelligent idea, but not all smart ideas are a good idea." I think Agustín Carstens has summarized his many problems when he claimed that bitcoin is "a combination of a bubble, a Ponzi scheme and an environmental disaster", " at the Economics of Payments conference IX
While his words stopped a few other bitter crypts that created actors, this sort of endless crypto bashing seems to never stop. Today there is no doubt that the backbone of Bitcoin is extremely valuable, and other blockchains, such as Ethereum, are used by major banks.
The nuances on how to design a test blockchain of ecological work can be discussed, but the idea that the first blockchain would be "nailed" is an absurdity. The way a central banker calls all that a Ponzi scheme with a serious face is surprising, since the central banking system is probably the biggest scammer in the history of mankind.
