Banco Bilbao Vizcaya Argentaria (BBVA) is partnering with Blockchain Waves to create a distributed registry platform (DLT) for workflow automation in export-import operations.
The system already tested and can reduce to reduce time of verification and transaction authorization from 7-10 days to 2.5 hours.
The first test was conducted on the shipment of tuna from Mexico to Barcelona. As a rule, such a purchase conduct for the credit and requires a large volume of documentation and the number of processes, including verification and sending of paper documents manually. If you take into account the possible errors, it can take up to two weeks.
With Blockchain technology, the company was able to check and fully to process the letter of credit in digital form. According to Daniel Berenguer, head of digital trade Finance solutions in the client:
“The operation was registered and confirmed at the same time securely for all parties, thanks to the remote registry and immutability of the blockchain”.