Iberpay which operates Spain’s national payments network ran a Proof of Concept (PoC) for blockchain-based smart payments with five Spanish banks, Banco Sabadell, Santander, Bankia, BBVA and
CaixaBank. It defined smart payments as those triggered by a smart contract.
One of the aims of the project is to enable corporates to schedule automatic payments which could be triggered by a smart contract based on a particular event such as the delivery of merchandise. Other benefits include efficiency, traceability and integrity for payments.
The project started in October and is expected to run for six months. The blockchain network has six nodes with each bank operating a node, plus one for Iberpay. Grant Thornton is the technology advisor.
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