Iberpay, which operates Spain’s national payment system (SNCE), announced the completion of a blockchain proof of concept for smart payments. As previously reported, the five participant banks are Banco Sabadell, Banco Santander, Bankia, BBVA and CaixaBank.
The tests aimed to prove that it’s viable to release a payment when certain conditions are met, as programmed in a smart contract. For example, the payment could be released on signing a contract or when goods are acknowledged as received.
The system tested 20,000 transfers, which were executed in an average time of 2.5 seconds.
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