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  BBVA tests data transfer on Waves | Bit Updates
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BBVA tests data transfer on Waves

Tuesday, November 28th, 2017 | bitcoin updates

Spanish bank giant Banco Bilbao Vizcaya Argentaria (BBVA) has successfully tested a blockchain solution for data transfer from paperless commercial transactions between Europe and Latin America. By using the Waves platform, BBVA has taken a step in Towards the automation of the electronic transmission of documents. The data transfer of digitized documents took place between Mexico and Spain. The aim was to reduce the time to transfer, review and authorize cross-border trade. Thanks to blockchain technology, the bank association managed to shorten an international transaction, which typically takes anywhere from 7 to 10 days, to 2.5 hours, according to a press release. Blockchain Tuna Data Transfer This first transaction involved the confirmation of a purchase of 25 tons of frozen tuna. This was bought by the Spanish company Frime from Pinsa Congelados of Maztlan in Mexico. Payment was made through a letter of credit, one of the most common payment systems in international trade. This type of cross-border payment usually requires a large amount of documentation. In the usual approach, many intermediate steps are necessary, which makes the processes prone to error. This danger threatens above all with manually issued checks and documents, which in addition also justified the increased duration of the transactions. Thanks to the blockchain technology these processes can be automated and shortened. For example, the technology can make changes or corrections. These can then include all the steps from charging the fish to their arrival at the destination. Finally, the experiment included the electronic signature of the documents, the simultaneous distribution of the copies to all parties and the receipt of the documents. Gadin Ruschin of Wave is pleased: "This was the first operation we held between Europe and Latin America, to simplify and improve processes in international trade transactions. […] BBVA has been an indispensable partner because it understands and leverages the benefits of the technology that powers Waves. "Waves began serving last June. The Spanish bank giant has also repeatedly engaged in blockchain technology.BTC-ECHOAbout Phillip HorchPhillip Horch completed his master's degree in Literature-Art-Media at the University of Konstanz in October 2017 and has been working as a freelance journalist ever since. Already during his studies he wrote for various magazines and now he is gaining a foothold in Berlin. The main focus of his journalistic work is on the opportunities and challenges of digitization, so that for some time now he has also dealt with the topic of blockchain and cryptocurrency. All contributions by Phillip Horch

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