Spanish Banks step in the Blockchain Adoption Race
Consent of European Union on adoption case:
Official press of Europe announced this news on 17th of September. Community of Aragon also took place and participated in this official contract. European Legal Press and Spanish media was allowed by the contract owner to show and release this new worldwide. The investors and businessmen were attracted by the program and structure of blockchain because of its efficiency and transparency. Not only these but other businessmen with different fields also show interest in taking this blockchain system as their first priority. Federal officials call the Ministry of Agriculture to use this amazing system.
Despite of all other changes, Spain is the only one which adopt the race of blockchain system. It also interested in using crypto credit card and crypto debit card in the light of crypto and blockchain races and its adoption. Top banks and authorities of the Spain strongly recommend this unique crypto blockchain system. DLT and other programmes usually took a deep interest in formulating this mega system. According to various reports it was concluded that the adoption race of blockchain system may lead an amazing progress in the field of Spanish Bank. Read more here.
Choosing adoption race for system! Is it works?
On April 2018, a huge amount of 75 million euros was transferred for making the system of this blockchain. According to Banco Bilbao, Spain is considered to be the second most important and global bank which use the system of blockchain technology in their bank and earn wonderful profit through it. Another major report on this mechanism suggest that blockchain system is only system which shows result in no time and also its results are accurate and composed of low mistakes and errors. CEO of BBVA concluded that the challenges that are formed in blockchain system is far difficult them other systems of Cryptocurrencies. They said that more than 100 million euro spend for making the strongest group of blockchain technology and make it perfect system for the bank structures. They also signed a contract of taking the authority of using this system in civil engineering field and finds it suitable for the young generation.
Blockchain adoption agreement between BBVA and Repsol:
Later reports confess that after the BBVA adopt the system of blockchain system, Repsol another well known organisation also took interest in choosing and adopting the main idea of the whole system. Both BBVA and Repsol recently signed a contract or agreement to apply the new technological applications on the system of their banks. They also suggest and named multiple blockchain technologies as Hyperledger and Ethereum test network respectively. Both systems are well known and perform well in the field of technology and blockchain system. If you would like to read more about World Bank’s Blockchain Based Bonds visit this article.
Banco Santander a well-known BBVA competitor was first member who invest and introduced the new blockchain system to the Bank of United States. After applying this system processing of data and information among all the departments of Banks becomes very fast and active. This will definitely change the whole system and facilitates the users who use these systems.
Emergence of Ripple-Powered Blockchain Payment Network:
According to the latest reports, Santander introduced a new system of network in the field of blockchain system that is named as Ripple-Power Blockchain Payment Network. This network was launch in April. Also, various mobile applications were also created to introduce this adoption towards the general users that are linked with this mega system. Further general meetings were held to facilitate the costumers while using the blockchain system. Bank fee, payment method is paid through using debit card, visa debit card and as like other cards. The exchange of money and rates of products are also different as compared to the old systems of the Banks.
On July, blockchain research team was also made in order to improve the strategy of this system. The potential security outcomes that was made under this system are seriously very effective and useful. John Whelan another main member of this system also explores the main idea of adoption of Spanish banks. He introduced the tokenised system for the capital markets and make relief of some products. Both BBVA and Banco Santander are involved in the system of blockchain and cryptocurrency. Blockchain platform was truly made by the groups of banks and this blockchain technology based system are also identify by the account of some other main banks of Spain.
General data protection regulation organisation suggest that modern systems of banks are closely linked in with blockchain strategy. Various authorities of banks in Spain agree to promote the main system of blockchain and they also supported the idea of adoption of blockchain by the Spanish banks. Government of the Spain allowed the participants of this system to proceed the transfer of money and make transactions without any cost. Many regulatory approaches were made in order to approve the positive effect and outcomes of this system. This technology plays a vital role in increasing the worth of blockchain system among all over the world. This system mainly focusses on the outcomes of previously made transactions and made it perfect for the users who use the system on their daily basis.
The transactions that are made under this system is truly very effective without any kind of error or mistake. Therefore, Spanish Banks found this system as role model system for banks and further apply the strategies of this system into their banks, this will give them not only success but also provides them a unique quality of settlement in the industry of business, the successful agreement of Repsol and BBVA shows the true image of this system and make a clear indication of its major uses in future. Other countries also try hard to tackle the system and learn its features.
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