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Spanish banks launch blockchain network Red Lyra

Spanish banks launch blockchain network Red Lyra

A multi sector consortium of Spanish companies which are pioneers in their different industries has created the Red Lyra, the first multi sector technology platform in the world based on
blockchain or distributed ledger technologies.

Red Lyra

Spanish banks launch blockchain network Red Lyra

Red Lyra will develop new systems and services so that any individual or company in Spain, for instance, can identify itself digitally in a secure manner, among other things. The first service of Red Lyra is expected to be operational in the next few months. The goal is for any company to be able to use the network to validate basic services and to develop applications in a transversal environment with full legal guarantees in Spain.

Red Lyra was born as a result of the drive of its founding partners, which comprise companies from every industry, professionals, such as notaries and lawyers, and experts in blockchain technology.

Its founding members are, in alphabetical order: 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.

The Network has been presented today at the University Pontificia Comillas, with the support of
the Comillas-­Everis FinTech Observatory. Red Lyra is a transversal, multi sector and nonpartisan
initiative open to growth. Therefore, 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.

One of the network’s main priorities will be to create a digital identity system based on smart
contracts. This system will make it possible to save all of the elements needed to identify people and companies in a secure manner, as well as to operate and to apply digital signatures legally.

Spanish notaries will be able to certify and validate that the digital identity in Red Lyra matches a real identity, and they will even make it possible to recover the identity if necessary. In addition to the mechanism of legal guarantee, Red Lyra provides greater security through partners who act as ‘nodes’, i.e. users who validate the activity, assuring that it is always solid and reliable.

“Partners admitted subsequently can also have access to a node, which will add more details to a user’s identity. For example, in addition to my customer file, there may be a factual and exhaustive log of my transactions with all the companies in the network”, Alex Puig, director of Red Lyra, explains.

The post Spanish banks launch blockchain network Red Lyra appeared first on Payments Cards & Mobile.

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