Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) introduced on Tuesday that it is going to be becoming a member of forces with Blockchain firm Waves. Why? Each events need to develop a distributed ledger know-how (DLT) platform that is ready to course of and deal with delivery doc submissions.
The know-how has already commenced the testing phases, and outcomes confirmed the system is able to slashing the processing and dealing with time to 2 and a half hours. For perspective, the unique time was 7-10 days.
The primary check of the system was executed on a cargo of tuna, which went all the best way to Barcelona, Spain from Mexico. Often, this type of buy requires utilizing a letter of credit score, however due to the fastened nature of Blockchain know-how, the corporate was able to verifying and absolutely processing the letter of credit score digitally, due to the facility of Blockchain.
Right here’s what Daniel Berenguer, Head of Digital Commerce Finance in Consumer Options needed to say:
“The operation was registered and securely validated on the identical time for all events, due to the distributed ledgers and the immutability of Blockchain.”
Many speculate this know-how might be utilized in different logistics arenas the place it’s important for validation at a quick pace.
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