BBVA Joins Forces with Blockchain Company Waves to Create Shipping Solution
Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) announced on Tuesday that it will be joining forces with Blockchain company Waves. Why? Both parties want to develop a distributed ledger technology (DLT) platform that is able to process and handle shipping document submissions.
The technology has already commenced the testing stages, and results showed the system is capable of slashing the processing and handling time to two and a half hours. For perspective, the original time was 7-10 days.
The first test of the system was executed on a shipment of tuna, which went all the way to Barcelona, Spain from Mexico. Usually, this sort of purchase requires using a letter of credit, but thanks to the fixed nature of Blockchain technology, the company was capable of verifying and fully processing the letter of credit digitally, thanks to the power of Blockchain.
Here’s what Daniel Berenguer, Head of Digital Trade Finance in Client Solutions had to say:
“The operation was registered and securely validated at the same time for all parties, thanks to the distributed ledgers and the immutability of Blockchain.”
Many speculate this technology will be used in other logistics arenas where it is essential for validation at a fast speed.
Featured Image: twitter
On October 30th, Ernst & Young (EY) announced a world-first for distributed ledgers. Called the Ernst & Young Ops Chain Public Edition, the company created a new blockchain prototype that combines the security of the public … Read
The financial industry has witnessed many disruptions and welcomed new technologies that have radically changed traditional processes. In today’s world of cryptocurrency and digital transactions, a new type of technology is steadily taking over – the … Read
What is a Masternode?
A masternode is a cryptocurrency wallet often referred to as a full node which contains a copy of the ledger in real-time. Blockchains can typically be broken down into three types: Proof … Read
Are you interested in purchasing Bitcoin? If so, it’s essential to understand the potential security risks surrounding it. With cybercriminals ramping up their attacks, cryptocurrency will likely be a target. Here’s what you need to …
Theft has been a problem in all of history, but the digital age brings new challenges. While digital currency has several advantages over cash, it comes with some unique risks, like hacking and online fraud. …
If you’re like many, you’ve probably heard a lot about cryptocurrency in the past few years. It grows in popularity every day, and for businesses, it could save them money. When deciding if cryptocurrency will …
Bitcoin is one of the most popular cryptocurrencies out there, and it continues growing each year. The digital currency world has become popular for online transactions and enhanced security. However, some remain skeptical. Goldman Sachs …