BBVA joins blockchain network driven by Alibaba subsidiary

Photo: EEIM, BBVA Bog Bank Nov 2019/CC BY-SA 4.0

The Spanish bank BBVA, announced that it has completed its incorporation into the Blockchain Trusple platform, which is promoted by AntChain, a subsidiary of the Chinese group Alibaba, which will allow Spanish and Mexican importers of BBVA subsidiaries that have Chinese export businesses, can make cross-border payments and financing in a more efficient way, in accordance with Cointelegraph.

Thus, this initiative would support SMEs and financial entities related to cross-border trade, giving transactions more security, reliability and efficiency for buyers and sellers. According to the aforementioned portal, the first pilots are expected to be operational from 2020.

It is worth mentioning that this blockchain network already has large institutions such as Citi, BNP Paribas, Deutsche Bank, among others; since it allows to register operations in its interface and execute the smart contracts that are automatically updated with the information provided, according to that indicated by the aforementioned portal.

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Carlo palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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