The European Union has announced its plans to launch a major blockchain forum, inviting five major banks, including BBVA and Santander.

One of the main goals is to develop a “trusted, secure and resilient European Blockchain Services Infrastructure,” meeting the “highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency,” being “fully compliant with EU law.”

According to the European Blockchain Partnership, in order to succeed in blockchain adoption both public and private sectors must work together in overcoming regulatory obstacles, increasing legal predictability and accelerating research, and the main goal of the forum will be to streamline this process.

Notably, the invited major banks are not newbies in implementing blockchain technology. Just earlier this month, BBVA and co-lenders completed $150 million syndicated loan on blockchain. According to the bank’s feedback, the pilot has been accomplished successfully and proved yet again that blockchain has the opportunity to revolutionize the whole financial and banking industry. For instance, in this particular business loan, the time for funds transfer has been shortened from two weeks to just two days! Additionally, all participants were given access to the private blockchain network, which allowed all parties to have immediate access to all parts of the process, including all informational and transactional updates.