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Spanish internal collaboration on blockchain project

Jun 28, 2018

Recently it was announced that Spanish National Security Market Commission (CNMV) and several financial institutions, including BNP Paribas, Commerzbank, Banco Santander, Caixa Bank, during the entire previous year have been collaborating on a blockchain project called Fast Track Listing (FLT), which is based on distributed ledger technology.

The main purpose of the collaboration is to make the process easier and reduce the time needed to register issuances of warrants. The project includes the completion of a proof-of-concept test, which consists of the registration of an issuance of warrants.

The beta test showed that the process of issuance can be performed within 48 hours, compared to an average period of more than a week. In other words, it became possible to reduce the time required by more than 70%.

It has already been proven many times that usage of blockchain technologies makes it possible to improve efficiency and save resources for this type of processes. Distributed ledged technology may also increase the security and traceability of routine processes.

Based on the results of cooperation CNMV, along with other participants, have decided to continue exploring the possible applications of blockchain in its processes and to proceed further with the project.

Given the above, in order to be informed of the latest technology trends it is worth to analyze all the main topics such as cryptocurrencies, blockchain or legal tech. Read Offshorelicense blog to keep up-to-date on the latest technological and legal news.

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