Spain Firms Form Blockchain Consortium

Announcements, Blockchain, FinTech, Group, Innovation | June 6, 2017 By:

A consortium of Spanish companies have joined forces to create platform Red Lyra, a multi-sector technology platform based on blockchain and distributed ledger technologies.

Red Lyra’s founding members are Banco Sabadell, Banco Santander, Bankia, BBVA, BME, Caja Rural, Cajamar, Cepsa, Correos, Ejaso, Endesa, Everis, Garrigues, Gas Natural Fenosa, Grant Thornton, Iberdrola, Icade, MásMóvil, Momopocket, Notarnet, Roca Junyent and Scytl.

Red Lyra will provide a secure digital identity system for the development of new products and services. The platform will develop a new system so that any individual or company in Spain can identify itself digitally in a secure manner. The first service is expected to become operational in the next few months.

Red Lyra is a transversal, multi-sector and non-partisan initiative open to growth. Any company, administration, start-up, freelance professional or other not-for-profit entity can join at any time to develop projects and to provide services.

“Red Lyra is a great example of the advances in the use of blockchain in corporate environments,” said Santander Blockchain R&D head Julio Faura. “This project is a pioneer internationally, not only because it is a collaborative work among companies from different sectors, but also for the participation of public entities, public notaries, and lawyers, who have pushed from the beginning for this platform to have the capacity to execute legally binding transactions, something unique in the world.”

“The project is inclusive and democratic because the members of the network are the ones who decide its future and ensure that no single member has full control,” said Red Lyra director Alex Puig. “It is a consortium, a collaborative network, helpful for everyone. Lyra is set up as a semi-public and authorized network for blockchain technology in Spain and is a global pioneer, as no project has existed previously where so many companies collaborate to design such an ambitious digital work space. All of the partners and users act in ‘coopetition’, i.e. they cooperate with each other. But they also compete, using the network with the assurance that they will never be able to control it without the approval of all participants.”