Spanish banking giant BBVA has announced that it has signed a new loan with ACS, a Spanish company dedicated to civil and engineering construction, using blockchain technology.

The companies have inked a €100 million euro long-term bilateral corporate loan to be used for financial general needs. In its official release, BBVA said:

“It [blockchain technology] guarantees the transparency and traceability of contracting, with both ACS and BBVA being able to independently consult at any time the state of the contractual process and the conditions due to the traceability afforded by the technology. The system also digitizes the negotiating process leading to a shortening in the management time from days to hours.”

The announcement follows an agreement between BBVA and Repsol signed last month to develop blockchain-based financial solutions. They used blockchain technology to renew a credit line worth €325 million, the first initiative of this collaboration.

Earlier in April, BBVA announced the first corporate loan using blockchain technology in conjunction with the Spanish technology group Indra in a deal worth €75 million.