Share this article
BBVA Blockchain Pilot Cuts Time for International Trade Transactions
BBVA has utilized blockchain platform Waves to conduct a live international trade transaction trial between Spain and Mexico.
Updated Sep 13, 2021, 7:12 a.m. Published Nov 28, 2017, 9:00 a.m.
Make us preferred on Google
Spanish banking giant BBVA has successfully piloted a blockchain solution for paperless trade transactions between Europe and Latin America.
The blockchain pilot, built on the Wave platform, was carried out to automate the electronic submission of documents for an actual sale transaction between Mexico and Spain in a move to speed up the time required for sending, checking and authorizing cross-border trades, a press release states.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The trial saw the time taken for document verification reduced from 7–10 days to 2.5 hours.
According to Patxi Fernández de Trocóniz, head of global trade at BBVA, the blockchain pilot marks a "leap forward" for effective international trade transactions.
He stated:
"The time it takes to manage the documentation was reduced to a process that lasted just a few hours, in which all parties – the banks, the importer and the exporter – were constantly aware of the status of the documents."
The payment of the transaction was carried out using a letter of credit for the transport of 25 tons of frozen tuna, bought from Mexico by a company in Barcelona.
Utilizing blockchain for foreign trade allows the creation of a "safe and digital environment ... as the foundation for a global foreign trade marketplace," says BBVA Bancomer Corporate Banking and Governance head of strategy, Jorge Zebadúa.
The blockchain pilot forms part of BBVA's effort to digitize aspects of finance with the use of nascent technologies like blockchain, the release added.
The bank has been investigating blockchain tech for some time, and made its entrance into the Hyperledger blockchain consortium this March, joining 100-plus startups and businesses already involved in the enterprise-focused project.
Logistics container image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token surges 24% as silver futures volume soars on Hyperliquid exchange
Silver futures on the crypto derivatives exchange are currently showing $1.25 billion in volume and $155 million in open interest.
What to know:
- HYPE, the native token of the Hyperliquid derivatives exchange, jumped 24% in 24 hours as trading in silver, gold and other commodities surged.
- Silver perpetual futures on Hyperliquid became the platform’s third most active market during Asia hours.
- Because trading fees from user-created markets are used largely to buy back HYPE on the open market, the spike in commodity activity is fueling demand for the token and signaling broader growth for Hyperliquid.
Top Stories
