Spanish stock market and financial systems operator Bolsas y Mercados Espanoles (BME) is planning to introduce blockchain collateral pledge certification process, BME wrote in a press release. Together with Renta 4 Banco, they have carried out pilot tests for the new digital certification process, which is going to go live by the end of 2019.
The proof of concept developed fully by BME’s DLT-Lab has made the transfer from physical to digital certification possible. It has reduced the length of end-to-end processes by more than over 80 per cent, providing all transaction participants with real-time access to the data.
According to Berta Ares, Head of Digital Transformation at BME, "DLT technology allows us to reduce times drastically and improve the operation and control of the system, providing legal certainty for electronically generated certificates and maintaining privacy and compliance with the General Data Protection Regulation."