Spanish Banks and Other Firms Band Together for Blockchain-Based Tech Platform

Spanish Banks and Other Firms Band Together for Blockchain-Based Tech Platform

Several Spanish banks and companies in other sectors have banded together to create a blockchain-based technology platform that will help validate basic services, according to the founding parnters of the new network.

Called Red Lyra, the concept has been billed as a “multi-sector and neutral project in which any company, administration, startup, freelance professional, or non-profit entity can join at any time to develop their projects and provide their services.”

The first key component of the platform will be its ability to authenticate those developing the various projects through a “digital identity system.” This will even allow for the signing of contracts digitally, something that will have official and legal credibility given a connection with notaries within the country.

Leading financial firms BBVA, Banco SantanderGrant Thornton, and Caja Rural were among the founding members of Red Lyra. Outside of the financial sector, Cepsa and Gas Natural Fenosa are also both notable proponents of the development.

“The project is inclusive and democratic because the members of the network are the ones who decide their future and ensure that no member has control,” said Álex Puig, head of Red Lyra. “It is a consortium network, collaborative and useful for all.”

In addition to those listed above, the following financial and non-banking firms are also founding members of the Red Lyra consortium: Banco Sabadell, Bankia, BME, Cajamar, Correos, Ejaso, Endesa, Everis, Garrigues, Iberdrola, Comillas ICADE, MásMóvil, Momopocket, Notarnet, Roca Junyent, and Scytl.

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