BBVA, in collaboration with Wave, has conducted the first pilot that uses blockchain to automate the electronic submission of documents in an import-export transaction between Europe and Latin America. As Wave’s solution, which uses distributed ledger technology (DLT) and blockchain, BBVA was able to reduce the time required to send, verify and authorise an international trade transaction, which can take from seven to ten days, to 2.5 hours.
The pilot was run on an actual sale transaction between Mexico and Spain, in which Frime, a company from Barcelona in Spain, bought more than 25 tons of frozen tuna from Pinsa Congelados, of Maztlan, México. The payment was made using a letter of credit (LC). BBVA Spain issued the letter and BBVA Bancomer processed the payment. Wave’s system made it possible to make changes or corrections that arose from the moment the goods were loaded until their arrival at the destination. The pilot also included the electronic signature of documents, the simultaneous distribution of copies to all parties and the reception of the ownership of the documentation at each step along the way.