Exchange holding BME tests blockchain for trade finance – Bits Media

Spanish stock holding Bolsas y Mercados Españoles (BME) moved to the next stage of testing a system based on the Ethereum blockchain for financing small and medium enterprises.

According to BME, the pilot project was launched last year. After successful BME experiments launched a new series of tests in the framework of the "regulatory sandbox", created by the Ministry of Economics and Digital Transformation of Spain. The creation of a special legal regime is aimed at developing the fintech and the latest technologies in the country, as well as to reduce the barrier to enter these industries.

Investment firms and creditors took part in the first testing of the system. Madrid stock exchange Bolsa de Madrid, under the control of BME, announced her readiness to use blockchain for certification of collateral obligations in March 2019 years.

At the second stage of testing, BME is going to check, how effective the blockchain will allow limited liability companies to attract capital, without resorting to traditional banking financing methods. The platform will also include a digital wallet, where small and medium -sized enterprises will be able to store their assets, whether it is financial investment tools or electronic money. BME counts, that blockchain can greatly simplify trade financing, increase the transparency of this process and improve risk management.

Blockchain begins to be applied more and more often in trade financing transactions. He is gaining popularity as in enterprises, So among banks. Last year, several large banks, Including HSBC, THE и Cith, They also began to develop a similar platform, but on the Contour blockchain.