Spain Remains a Primary Example of Blockchain Optimism on All Levels

With all this in sight, Spain remains a uniquely optimistic example of welcoming declarations toward crypto and adoption cases of blockchain.

In April 2018, Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain by assets and capitalization, became the first global bank to use blockchain technology throughout the entire process of issuing a 75 million euro loan.

In the latter case, the choice was hardly accidental - Repsol and BBVA have signed an agreement to develop blockchain-based solutions for corporate banking, using multiple different blockchain technologies, namely Hyperledger and the Ethereum test network.

The group of banks reportedly plans to create the blockchain platform by the end of 2018, with the goal of developing a blockchain technology-based system to identify and record clients when they open an account for the first time.

A month later, another bill - this time by the ruling Partido Popular - proposed to use blockchain in the public administration of Spain.

Unidos Podemos has suggested that the Spanish government establish a subcommittee responsible for studying the potential of blockchain technology as well cryptocurrency regulation.

As a member of the European Blockchain Partnership, Spain is committed to building EU-wide blockchain and artificial intelligence applications that can be used in the fight against corruption across the Digital Single Market for the benefit of the public and private sectors.

With the support of the European Regional Development Fund, a Spanish blockchain company is developing an Ethereum-based blockchain solution that will allow parties to legally/contractually transfer ownership of crypto assets by reducing the possibilities of manipulation and fraud, by adding verifiability and auditability to digital transactions and by tracking information and digitized assets without the need for intermediaries.

The latest move came from the Spanish Ministry of Agriculture, Fisheries and Food, which shared its plans to apply blockchain technology in the forestry industry.

The aim of the operating group, entitled ChainWood, is to improve the traceability and efficiency of the wood supply in Spain by implementing blockchain technology in industry logistics.