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Spanish Alastria: the first national multi-sector blockchain ecosystem in the world

Spain’s multi-sector Alastria consortium brings together banks, telecom providers, energy companies, universities, smart city organizations, developers and more for the world’s first regulated national network based on blockchain with an initial focus on digital identity.

It seems as if there is a new blockchain initiative virtually every day as we approach the end of 2017.

Spain already had some blockchain initiatives. In May 2017 Cecabank and Grant Thornton launched Spain’s first Blockchain Banking Consortium, aiming to lay the foundations for the usage of blockchain in the financial industry, more specifically banking.

One of the first applications on the agenda was a tool to better prevent money laundering processes with secure digital identification of customers using a blockchain-based ‘Know Your Customer Recognition System’.

The Alastria consortium, however, goes a few steps further. The presentation of the ‘first Blockchain multi-sector Consortium’ in Spain was announced to take place on October 2017 on several cities Madrid, Madrid, Barcelona, ​​Bilbao, Valencia and Malaga.

On the agenda of the launch of the Alastria network, on top of the launch: topics such as digital identity

At the occasion of the launch the Alastria consortium sent out a press release in which it calls Alastria ‘the world’s first national multi-sector network using blockchain technology, which aims to enable and accelerate the digital transformation of the various industrial or business sectors’ with a focus on the benefits of secure and verified information that distributed ledger technology offers to all participants.

The Alastria consortium brings together some of Spain’s major banking, energy and telecommunications companies. But other sectors are present as well and are invited to join “the world’s first regulated national network based on blockchain”, which goes by the name of Red Alastria.

To enable Red Alastria, the Alastria Consortium is a non-profit, self regulated national effort that is not just open to large companies but also to small firms, start-ups and developers. In other words: a true ecosystem of various stakeholders.

Several  members of the Alastria Consortium have been confirmed such as  Repsol, BBVA, Gas Natural Fenosa, Grant Thornton, Banco Santander and Banco Sabadell, to name a few. In the list of roundabout 70 companies and associations there are also some well known  names: Accenture, CaixaBank, Deloitte, Fujitsu, Kutxabank, MásMóvil, Orange, SAP, Sopra steria, Telefónica, various universities, a few blockchain groups and specialists, smart city initiatives and so forth, indeed a cross-industry group.

Julio Faura, president of Alastria runs blockchain R&D at Banco Santander and says “it is not easy for so many important companies to decide to bet a project together from the very beginning. That’s the best proof of the incredible potential that this technology and the consortium have”.

Among the founders of the Alastria consortium are also professionals who will ensure the security and veracity of information through the identification of natural and legal persons. Think notaries and lawyers indeed. It again emphasizes the main initial focus of Alastria on digital identity or digital ID, under the name ID Alastria.

With ID Alastria mobile identification challenges could be solved (now it’s done with paper work, document capture, facial recognition, video conferencing and so forth).  The digital ID could also enable citizens to control their personal data in a transparent way in accordance with the rules of the EU GDPR.

Alex Puig, CEO of the Digital Currency Summit, Founder of Fintech Barcelona, is CEO of the executive board of Alastria (formerly known as RedLyra).

Puig: “With blockchain the Internet is being reinvented so that we can share and do business in a verified and secure way, but it is necessary to have a standard that allows all industries and the developer community to work with the same base”.

The Alastria network will offer a shared platform on which the participants, mainly large firms, can create digital representations of the assets with which they work in their usual economic activity, in other words tokenization.

With the tokens the development of new/innovative products and services is enabled and current processes can be developed faster, safer and more efficiently. Digital transformation, collaboration and innovation are some of the goals of the consortium.

~ by jinza on October 19, 2017 .

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