Spain's largest stock exchange will launch a blockchain-based certification system to eliminate the creation and trading of physical certificates

According to foreign media reports, a press release issued by Bolsa de Madrid, Spain's largest stock exchange, said that the company will launch a blockchain-based certificate certification system by the end of 2019. The agency stated:

“Blockchain-based technology enables the creation and trading of physical certificates in these transactions, digitizing all processes and ensuring that all participants in the blockchain have real-time access to this information. In addition, experimental evidence suggests that With blockchain technology, the total time for end-to-end processes has been reduced by more than 80%."

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The Madrid Stock Exchange and Renta Banco will continue their development work to get the system online soon.

Before the Spanish stock exchange launched this initiative, Spanish start-ups and larger industries have adopted blockchains more widely.

Acciona Energy, one of Spain's largest energy companies, is the first utility company to use blockchain technology to certify the company's energy sources.

Another large energy company, Iberdrola, has also developed a blockchain platform for its own projects. By using blockchains to support countries' transition to renewable energy, these institutions also provide case studies for other multinational companies to adopt similar strategies.

According to Amyn Gillani, CEO of Talos Digital, the blockchain industry has just entered the early mainstream adoption phase. The entrepreneur said:

“In the next 10 years, we will definitely see the blockchain profoundly change our world. It is expected that by 2024, the blockchain market will exceed $16 billion.”

In addition, a number of European institutions have joined the Spanish Stock Exchange, including BBVA, BNP Paribas, Spanish National Securities Market Commission, CaixaBank, Commerzbank and Societe Generale.