Spanish news outlet El Economista had reported on June 25 that eight noteworthy European financial organizations have declared they will be working together on a Blockchain venture for recording the issuance of money related warrants.

Spanish securities controller, National Securities Market Commission (CNMV) and market administrator BME, have “successfully” finished a proof-of-concept, which they call Fast Track Listing. Other banks like Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale were also a part of it. The framework was made to enroll the issuance of warrants in less than 48 hours, a procedure that ordinarily takes over seven days, as per their announcement.

Warrants are characterized as derivatives that give the privilege to offer a security at a specific cost before the expiry date.

The CNMV stated that it will keep on researching about Blockchain technology use-cases for both national and global warrant guarantors.

While banks worldwide are investigating Blockchain, not all banks are prepared to acknowledge the innovation. A week ago, the CEO of BBVA had said that Blockchain innovation was “immature” and faces significant difficulties. In any case, a few banks have effectively grasped the innovation as of now – in April Santander propelled its Ripple (XRP)- fueled payment system for retail clients.

Commerzbank which is Germany’s one of the largest financial organization as well as one of the eight European financial organizations involved in the venture. Jorg Hessenmuller who is Commerzbank’s Divisional Board Member for Development and Strategy, said in a press release, that- “Joining the Enterprise Ethereum Alliance is another important step for us in diversifying our blockchain activities and testing different technology standards. The blockchain is one of several emerging technologies that we explore at Commerzbank and that help us to further develop our banking business….The Enterprise Ethereum Alliance offers us the opportunity to further expand our cross-industry collaborations.”