Spain’s national payments network Iberpay ran a Proof of Concept (PoC) for blockchain-based smart payments with five Spanish banks — Banco Sabadell, Santander, Bankia, BBVA, and CaixaBank. The project, which is expected to run for six months, aims to deliver efficiency, traceability, and integrity for payments.
Blockchain-based smart payments by Iberpay could be triggered by a smart contract configured for particular events. The blockchain network for the payments has six nodes operated by Iberpay and the five banks, but it is still unclear whether an API (Application Programming Interface) would be used.
Grant Thornton, the project’s technology advisor, says the project will be put into production at the European level first.
“We are developing a payment instrument in Blockchain that could allow financial institutions to issue regulatory viable electronic money. With this new scope, we would put into production a pioneering solution at European level,” said Carol Lago, Senior Manager of Technology and Innovation Consulting at Grant Thornton.
Two of the banks in this project — BBVA and Santander — have developed many high-profile blockchain-related projects. BBVA uses its blockchain platform to issue bonds and loans, while Santander deploys the public Ethereum blockchain to issue and redeem bonds.
IBERCLEAR, the central securities depository, recently participated in a PoC for blockchain collateral pledges run by a Spanish stock exchange group. The solution, based on Hyperledger Fabric, is now in production. IBERCLEAR plans to extend the solution to incorporate digital bank guarantees.
In November, Spain hosted the first international blockchain congress, which focused on blockchain applications in the private sector and a framework to regulate them.
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