Spain`s Blockchain Consortium To Use Ethereum & Hyperledger Technology

Spain`s Blockchain Consortium To Use Ethereum & Hyperledger Technology

The first banking Blockchain consortium in Spain has gathered a third of the country`s banking sector. Madrid-based wholesale bank Cecabank and the

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The first banking Blockchain consortium in Spain has gathered a third of the country`s banking sector.

Madrid-based wholesale bank Cecabank and the services company Grant Thornton have joined forces to start the blockchain consortium that tries to introduce services for the banking industry.

As Luis Pastor, Grant Thornton Technology and Innovation Partner, said in a press release (available here).

“We are going to work to ensure that this consortium ‘manufactures’ the first usable blockchain banking applications, but also to turn it into a benchmark hub in Spain for the development of this technology, an epicentre which third-party institutions from various sectors can join to maximise their benefit.”

Technologies like the public Ethereum blockchain and the open-source Linux Foundation-led Hyperledger project are reportedly to be used by the participating members in the consortium.

It is also claimed that the collaborative project will commission new proof of concept blockchain solutions for “usual banking processes”. This is pointing to possible commercial rollouts of the innovative decentralized technology.

The move comes after BBVA, Spain`s second biggest bank lender, executed a money transfer between Spain and Mexico “in a matter of seconds”, as cryptocoinnews.com wrote earlier.

Therefore, it is not surprising that Cecabank works towards the establishment of a banking consortium that relies on the Blockchain technology. The list of members is still unavailable, but the bank explained that it “comprises 33% of the Spanish banking sector” at the launch.

“Employees of all our functional areas are not only going to gain an in-depth understanding of the technology, but also of all the new features that arise, which is indispensable, considering the momentum for constant progress maintained by blockchain.”, as Jaime Manzano, head of Reporting, Operational Management and Banking Training Services at Cecabank, said, as quoted by cryptocoinnews.com.

According to Cecabank, the KYC-based blockchain recognition sustem is one of the first solutions to be developed by the consortium. This is to be done to increase the efficiency of protocols that aim to prevent money laundering processes at member institutions.

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