Forbes magazine has included BBVA as one of the ‘Blockchain 50,’ a list that recognizes the leaders in the use and development of this exponential technology. The U.S. publication specifically focused on BBVA’s efforts in the area of blockchain-powered syndicated loans, which are used by the bank to further transparency, security, and efficiency throughout its business processes.
According to Forbes, the big names in the financial sector have made a place for themselves in the blockchain market. Distributed ledger technologies (DLTs) — of which blockchain is one — have proven to streamline financial business processes and increase transparency, all of which results in significant ancillary cost savings. According to the consulting firm, International Data Corporation, investment in blockchain is expected to reach $2.9 billion in 2019, an increase of 89 percent compared to 2018.
BBVA has conducted a number of blockchain operations in recent months. The bank has been at the forefront in the implementation of this technology and as such has launched important pilots for the financial industry. The most recent examples include the world’s first blockchain syndicated loan arranged with Red Eléctrica Española, the first structured green bond to use this technology, issued on behalf of Mapfre, and the first sustainable blockchain-powered “Schuldschein” created for the regional government of Madrid.
Furthermore, BBVA is one of the founders of the European association INATBA, which aims to develop a global framework to foster greater transparency and confidence in the adoption of blockchain, in addition to encouraging the development of applications based on this cutting-edge technology.
The ‘Blockchain 50’ is not the only recognition BBVA has received in this area. The magazine World Finance praised the bank as the best digital bank in Spain, Mexico, and Turkey, among other reasons, because of its innovative and pragmatic use of blockchain to streamline its processes and services. The publication also points out that “blockchain technology could also benefit cross-border payments.”
Forbes’ ‘Blockchain 50’ was compiled by 12 of its journalists in collaboration with several subject matter experts. The 50 companies singled out for embracing DLT all report minimum sales or valuations of $1 billion, in addition to having operations in the U.S.