BBVA has been working on a pilot project for issuing corporate loans through a blockchain-based system. Two CEOs from major global banking institutions have issued statements saying that blockchain technology will become a global standard for banks in five or six years. Ralph Hamers, CEO of\u00a0ING Group, in an interview with CNBC\u2019s Arjun Kharpal\u00a0at the Money 2020 fintech conference in Amsterdam, said that banks are on their feet, developing their own solutions. He even adds that it can be \u201cforced\u201d as the standard for global banking. \u201cI think the banks are really working on this now because the potential is so huge and if the top five, six global banks would put their minds to it and agree on a standard, you could force (that) standard onto the globe,\u201d Hamers said. "And I think that you can actually then get to a timeframe of five or six years in which this will work.\u201d Hamers\u2019 statement follows his assertion that the only technology that should make it into a bank\u2019s system is something that \u201chas merits\u201d and fulfills the bank\u2019s plan. \u201cYou just don\u2019t go and adopt technology because it is fancy,\u201d he said. \u201cIt has to really have merits.\u201d Multinational Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) CEO Carlos Torres Vila told CNBC that blockchain technology holds a lot of promise, and that he thinks Hamer\u2019s estimate of five or six years to establish the tech as a global standard is correct. "We believe there is huge promise in blockchain. It is early times in this technology but it can bring about more efficient processes," Vila said, reiterating that he is optimistic about it. \u201dI am, I think it does have that promise and I think that timeframe should be about right\u2026 but we will see how it develops." As blockchain technology gain ubiquity, several banks have been ensuring that they stay on top of the game by joining the revolution. In fact, BBVA has been collaborating with Spanish technology company Indra to develop the first global corporate loan project using blockchain technology. In April, the pilot project saw \u20ac75 million ($91 million)\u00a0issued through two different blockchains, which involved the entire loan issuance process. The pilot cut down the negotiation time frame from days to just hours.