Spanish banking giant BBVA has announced it has joined International Association for Trusted Blockchain Applications, an EU-backed inititative that aims to connect companies tha are interesting in pursuing the innovative potential of blockchain technology. BBVA is one of five banks to join IATVA – specifics on the four other banks are not confirmed, although some sources are reporting that Santander is among them. The association will officially be launching in Q1 of next year.
BBVA Joins EU-Backed Blockchain Initiative
BBVA is one of five banks to join IATVA – specifics on the four other banks are not confirmed, although some sources are reporting that Santander is among them. The association will officially be launching in Q1 of next year.
The project could go a long way towards establishing standards and common practices when it comes to the deployment of blockchain in order to avoid a situation where fragmentation hampers progress.
Along with BNP Paribas Mitsubishi UFJ Financial Group, BBVA was recently part of a project that leveraged a Hyperledger-based blockchain to complete a $150 million syndicated loan. According to Finextra, the previously mentioned blockchain was used to record negotiations that led to the final agreement and “a unique document identifier was recorded in Ethereum’s public blockchain network to guarantee its immutability against third parties”.
The European Union appears to be taking blockchain technology seriously – in February, the European Commission launched the EU Blockchain Observatory and Forum, a project that connects lawmakers, entrepreneurs and developers and serves as a hub for the collection of knowledge about blockchain. Consensys, one of the largest blockchain technology firms in the world, has a substantial role in the project.
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