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Spanish banking group Bilbao Biscay Bank (BBVA) announced on Tuesday that it will work hand-in-hand with blockchain company Waves. why? Both parties hope to develop a distributed ledger technology (DLT) platform that can handle and process the submission of transportation documents. The technology has begun the testing phase, and the results show that the system can reduce the processing time to two and a half hours. From a perspective, the original time is 7-10 days. The first test of the system was performed on a batch of tuna from Mexico to Barcelona, Spain. Usually, this kind of purchase requires the use of a letter of credit, but due to the fixed nature of the Blockchain technology and the powerful functions of the Blockchain, the company can digitally verify and fully process the letter of credit. This is the words of Daniel Berenguer, Director of Digital Trade Finance, Customer Solutions: “Due to the immutability of distributed ledgers and blockchains, this operation has been registered for all parties at the same time and has been securely verified.” Many people speculate that the technology will be used in others. In the logistics field, this is essential for rapid verification.
Featured image: Twitter
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