The time that it takes to issue certificates would be reduced from 24 hours to 10 minutes. Renta 4 Banco is the first customer enrolled in the BME blockchain registration service.
It was announced that the Spanish Stock Markets and Exchanges (BME) will use a blockchain to register processes of pledge (guarantees) on institutional debts. Essentially, the process will be available for Renta 4 Banco, an institution that accompanied the process of developing the tool, which groups together the main stock exchanges of the European country, such as the Madrid, Barcelona, Bilbao, and Valencia stock exchanges, among others.
Through a press release, BME announced last Wednesday, December 11th, the successful completion of 9 months of tests to implement the registration system with a blockchain, through a platform called Be DLT-Prenda.
The Spanish company said in the text that this platform “supposes the digitalization of processes and guarantees the access of all the participants to the information in real-time.” In this way, they allege that a reduction in the time taken to create a pledge (guarantee), from about 24 hours to less than 10 minutes, is generated.
Through this platform, those involved in the process will also have the possibility of having direct access to the information and will participate in the validation of the transactions, according to the note. However, it is not explained what the process will be like for the parties to be involved in that validation.
It was explained that pledges are securities given as collateral for debts contracted with Renta 4 Banco, which is in charge of the BME Clearing House. The new process aims to eliminate “physical certificates and the exchange of paper documentation,” according to the note published by BME.
The platform was developed by DLT-Lab, a wing within the BME technology area that focuses on the study and development of solutions with the use of a blockchain. This area works with other offices within the institution, as well as with financial entities associated with BME.
Latest Announcements about Blockchains in Spain
In recent weeks, there has been a proliferation of announcements in Spain about the use of blockchains in companies and public institutions. The various purposes of these developments range from the financial area, as is the case of BME, to ecological initiatives.
Regarding the mitigation of the environmental impact, there have been several recent announcements in Spain. For example, the company Greenb2e, originally from Valencia, launched a project to tokenize the use of renewable energy and the promotion of ecological practices in the business field.
For its part, both Meliá Hotels and the State Post and Telegraph Society of Spain joined the ClimateTrade network, a project of the startup Climate Blockchain Initiatives to contribute to environmental projects and compensate for their environmental impact.
Previously, Siemens Spain launched e-ing3ni @, a platform based on a blockchain for transactions and trading in the energy sector. This platform is based on the Alastria blockchain and provides a direct connection between producers and domestic consumers so that the latter can choose the origin and type of energy that they will consume at their homes.
Additionally, the association of authors and publishers CEDRO announced that it will register its copyright licenses on the Ethereum blockchain. Likewise, the University of San Pablo CEU will certify the issuance of its degrees through a blockchain.
By Willmen Blanco