The Bank of Spain has published the conclusions reports of the Spanish Financial Sandbox. Of the 66 projects presented in the first cohort, 18 passed the preliminary evaluation, 12 signed the protocol and 5 (including Godenigma's Ithium 100) are finished.
Ithium 100 has been validated by the Bank of Spain as an innovative project and it has been shown in the tests carried out in the Sandbox, that it is in production and meets the legal and functional requirements, having carried out more than 535 transactions, in which, in many of them, financing has been granted on request to several companies by one of the main banks of the Spanish financial sector. The technological platform (Ithium 100/ Ithium finance), developed with Blockchain technology, allows banks and other agents to offer financing services on request in supply chains.
According to the Bank of Spain: “Ithium100 offers a system where companies and financial institutions can share the relevant information on their purchase-sale and financing orders, creating the necessary trust to carry out the aforementioned financing on orders. In addition, the traceability of the order decision, acceptance and processing chain is enabled, as well as the relevant steps in the event of accepting a financing offer, and all of this is registered in a distributed and immutable blockchain network.”
The full report can be downloaded from the Bank of Spain website and is signed by the Directorate General for Supervision: Full report
Congratulations to the entire Godenigma team for the great effort made to successfully complete the demanding conditions imposed by the Sandbox and the supervisory agent (Bank of Spain). We thank and congratulate the Banco de España team for their extremely high professional level, for their collaboration, for their great knowledge placed at the services of the companies in which we participate and, ultimately, for the contribution of value in an area as innovative and complex as technology. blockchain.
- May 2021
- May 2019
- May 2018