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The second largest bank in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), closed a loan of € 150 million using blockchain technology with Porsche Holding, Europe's largest car dealer. The news was reported by the Finextra financial news site on December 14th.
The transaction is reported that the first blockchain-based loans of BBVA deal with a non-Spanish borrower. To date, the bank has organized several blockchain-based loans with Spanish corporate clients, including a $ 150 million syndicated loan for the state-owned Spanish national electricity grid operator, Red Eléctrica de España (REE) to November, and a long-term bilateral corporate loan with the Spanish engineering firm ACS.
Finextra reports that the Porsche Holdings agreement uses the "same mix of public and private blockchain technology" used by BBVA in its previous blockchain loan transactions.
As reported, the REE loan was carried out on a private network based on Hyperledger with the participation of three financing banks (BBVA, BNP Paribas and MUFG), REE and two legal consulting companies; The unique identifier of the document for the signed contract was recorded on the Ethereum public blockchain (ETH).
Referring to the Porsche Holdings loan, Frank Hoefnagels, head of BBVA CIB in Germany, pointed out that for financial acquisition operations, for which speed is essential, the blockchain is of particular relevance:
"This transaction involves putting blockchain technology into a significant practice in our customer interactions, our goal is to improve customer experience by streamlining processes and increasing execution speed."
In April, BBVA claimed to have become the "first" global bank to conduct an entire loan process using blockchain, always in a part-private part-private configuration. The recognition of the effectiveness of the blockchain for loans continues to widen: in October, the UK-based bank Natwest announced that it would integrate a new blockchain platform based on R3 Corda technology to be used in the syndicated loan market .
For its part, the production arm of Porsche began testing the blockchain app for its vehicles this February, claiming to be "the first automobile manufacturer to successfully implement and test blockchain in a car".
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