How is BBVA preparing for the blockchain revolution?
Blockchain technology is presented as a veritable revolution, which is going to have an impact comparable to the Internet. Alicia Pertusa, head of Digital Transformation in Investment Banking for BBVA and Carlos Kuchkovsky, CTO of New Digital Business for BBVA, discuss in this conversation the point at which this technology is at, its advantages and the barriers that still have to be overcome.
"Blockchain is a new form of conveying information and, ultimately, conveying value. And it does this in a faster, cheaper and securer way," says Alicia Pertusa, head of Digital Transformation in Investment Banking for BBVA.
Blockchain technology means big savings for many institutions by optimizing processes while creating more effective, transparent and convenient services for customers.
Real-time operations, transparency in prices and the information between customers and institutions are some of the main benefits that blockchain is going to contribute to the financial industry. The first areas where the sector is undertaking major projects are focused on settlement, identity management and cross-border payment systems.
BBVA is exploring the concepts around these technologies. "We're moving from concept testing to pilots of products, which we hope to have on the market at some point next year," Kuchkovsky maintained.
Despite the great potential of blockchain and distributed ledgers, we are still in a very early stage, the BBVA experts remind us, who believe there is still a lot of work to be done to manage to implement standards and common regulations.