Because of the large number of tasks currently required, international trade operations are very slow. Dozens of industries have to go through endless paperwork and intermediaries to get their products to their destination.
In the face of this complicated situation, BBVA-in collaboration with Wave, an Israeli Blockchain services company-developed a pilot test: Migrating the credit card processes to Blockchain.Although other tests had already been carried out for similar operations, this is the first time that blockchain was used for an international trade operation between Europe and Latin America.
Among the advantages of the use of Blockchain are its complete security, which generates confidence, a key element for the good functioning of international trade.
Without a doubt, the contributions that this technology can make are promising.