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One of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has completed a loan of 170 million dollars (150 million euros) with Porsche Holding using blockchain technology, according to a report.
Even if the bank has already completed blockchain loans, it has never been done with a non-Spanish client, until now. One of the bank's previous blockchain loans was completed by Red Eléctrica de España (REE), a state-owned national power grid operator, for $ 150 million in November. BBVA also lent $ 113 million (€ 100 million) to the Spanish engineering company ACS.
The agreement uses the same combination of public and private blockchain technology used by BBVA in its previous loans. In April, BBVA claimed to have become the first global bank to make an entire loan using blockchain.
The REE loan was carried out on a network based on Hyperledger and completed with the help of three different loan banks (BBVA, BNP Paribas and MUFG) and two legal consulting companies. The unique identifier of the contract document has been included in the Ethereum public blockchain.
Frank Hoefnagels, head of BBVA CIB in Germany, said that the Porsche Holding loan was an example of the use of technology to offer customers what they want.
"This transaction involves putting blockchain technology into a significant practice in our customer interactions," he said. "Our goal is to improve customer experience by simplifying processes and increasing execution speed."
The use of Blockchain for lending with banks is becoming more common. The North American bank NatWest said it will use a blockchain technology based on R3 Corda, which is an open source blockchain platform.
Porsche's manufacturing division is also moving into action: the company said it will be "the first automaker to successfully implement and test blockchain in a car".
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