The project has successfully completed the proof-of-concept test which consisted of the registration and issuance of warrants. A process which normally took more than a week was demonstrated to be executed within 48 hours by integrating blockchain technology. The project boasted a reduced time of over 70% due to the connection of all the systems, automatic validation of requirements and transparency.
Given the valuable results, CNMV has announced their intention to explore other possible use cases of this technology and continue with the further development of this project. BME and all the other domestic and international warrant issuers have also pledged support in the future development of this collaborative project according to the statement issued.
This is not the first time government institutions have experimented with blockchain. Earlier this week, European Commission and the European Union Intellectual Property Office (EUIPO) organized a blockchain hackathon to help find solutions to prevent Counterfeiting of goods in the European Union. The competition ended with several proposed solutions for customers and law enforcement authorities to combat piracy and counterfeiting.