Luxury automobile manufacturer Porsche has become the recipient of “the first acquisition term loan ever arranged through blockchain technology,” as stated in a press release from the distributors of the loan, Spanish-bank Banco Bilbao Vizcaya Argentaria (BBVA).

The loan, which will be used to expand Porsche’s European and Asian networks, makes the car company the first non-Spanish recipient to use BBVA’s distributed ledger technology (DLT). Valued at nearly $170 million, the loan signifies a meaningful partnership between the two companies.

Head of BBVA Corporate Investment Banking (CIB) in Germany, Frank Hoefnagels, expressed his delight in the utilization of blockchain stating,

“This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients.”

Porsche Holding Salzburg is a subsidiary of Volkswagen AG and the largest automotive distributor in Europe. Their success with BBVA demonstrates significant progress in the adoption and expansion of blockchain. If Europe’s largest automobile distributor can utilize blockchain in its business, how many other industries can use blockchain technology as a solution?

SHARE THIS ARTICLE