Santander Bank Successfully Performs Blockchain Testing

May 17, 2018

Spain’s largest banking group Santander became the first company to successfully integrate and use blockchain in investor voting at the annual meeting, as the bank’s website informs.

Santander concluded an agreement with American data processing services provider Broadridge Financial Solutions for investor voting at the annual meeting held on March 23. The pilot project involved also JPMorgan Chase and Northern Trust as custodian banks as well as Santander blockchain lab.

“The blockchain technology has enhanced efficiency and transparency upon the reception and vote tabulation process, which will result in bridging the gap between all in the process,” Luis Antonio Perez, the head of corporate services, notes.

The bank’s media release says, implementing the technology enhances voting transparency, efficiency, reliability and simplifies analyzing which is beneficial to all parties involved.

This wasn’t the first time Santander deals with blockchain. In April the bank has entered into contract with Ripple on the matter of using company’s blockchain payment service for transfers in some regions of the world.

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