Blockchain

Spanish  Banking Consortium to Create Blockchain Platform for Client Digital ID Verification

Major Spanish banking consortium, Niuron recently announced that they are working on a new platform which will be based on blockchain technology and will perform client digital identification verification. The information was passed by EuropaPress, which also reported that the group of banks aims at creating the platform by the end of this year.

According to the source, Niuron expects the new technology to help the members of the consortium to improve the speed of conducted operations, reduce fraud in operations, and prevent money laundering. Due to the new platform, the clients will get to enjoy the opportunity to have decreased amount of time that is required for the registration process. In addition, the new technology will provide clients with more control over their shared personal data.

It was also reported that as soon as the platform is completed and is ready for operation, clients’ data will be shared between different banks and financial institutions. At the same time with simplifying digital identification process, the platform will also comply with the EU General Data Protection Regulation (GDPR) rules that were published recently as well as with modern security standards in the field.

Official information by Niuron states that the members of the consortium include such banks as Abanca, Bankia, Caixabank, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank, Unicaja Banco, and Cecabank.

According to a report by Economipedia, in 2017, Caixabank was the third largest bank in Spain in terms of assets and market capitalization, with Ibercaja, Kutxabank and Abanca banks included country’s top 10 list.

GDPR legal framework was adopted by the EU back in May 25, 2018. As reported, the Fortune’s Global 500 companies are estimated to spend over $8 billion in order to ensure compliance with the new regulations.

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