Repsol and BBVA completed the first transaction involving a revolving credit facility using distributed ledger technology as part of a pioneering pilot project in corporate finance for the industrial sector.
The negotiation of the agreement, for a long-term credit of €325 million ($375 million), was carried out entirely on BBVA’s blockchain network, reducing processing time from days to hours and allowing for total transparency in the monitoring and approval of the documentation.
This agreement with BBVA takes Repsol one step further in its commitment to digitalization and innovation. The energy company has identified blockchain as a technology with great potential and a competitive advantage for new businesses.
Repsol already has a laboratory for its lines of development: improvements in the security and efficiency of its financial processes, and advancements in the supply chain and customer loyalty. Repsol is also a member of the European energy companies´ consortium Enerchain and Alastria, the Spanish multi-sector network that is implementing blockchain.
“Repsol wants to actively contribute in collaborative environments. Blockchain is a disruptive technology that is here to stay, and the agreement with BBVA augments our strategy to drive digitalization in all our areas of activity,” said Nuria Avalos, director of Blockchain and Digital Experimentation at Repsol.
The negotiation and closing of the conditions between Repsol and BBVA were developed on a private blockchain network (Hyperledger), while the signed contract was registered on the Ethereum test network (testnet) through a hash, or unique identifier, that guarantees the document’s immutability.
Repsol is an integrated global energy company based in Madrid.
