Spanish Banks Back 'Red Lyra' Blockchain Consortium

A group of Spanish banks, law firms and corporations have formed a new blockchain consortium.

AccessTimeIconMay 31, 2017 at 2:01 p.m. UTC
Updated Sep 11, 2021 at 1:24 p.m. UTC

A group of Spanish banks, law firms and corporations have formed a new blockchain consortium.

It's the second group effort launched in Spain in recent days, though some of the new members, which include law firms and utilities, signify a wider scope than one that is purely financial.

The newly minted consortium 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.

What they're doing: According to releases from some of those involved, the consortium is tackling a "multi-sector" strategy in the kinds of projects they focus on.

As explained BBVA, the first major undertaking will be centered around digital identity, with the bank saying:

"The first project of the Lyra Network will focus on the development of a digital identification system that can be safely shared and comply with the requirements of Spanish regulation by all members of the network. Lyra will develop legal identification services or support contracts ( smart contracts ), hence it is particularly important that its founders include recognized law firms and legal experts."

Why it matters: The news is the latest indication that Spain's business sector is throwing its weight behind the technology.

Just last week, a group of regional Spanish banks launched a collaborative effort around blockchain, and while it’s not quite which kind of products or services they might develop in tandem, Cecabank's comments about "in-depth understanding" suggests that, at the very least, they’re trying to learn more.

Indeed, some of those members – including Bankia and professional services firm Grant Thornton – are part of the new Red Lyra project as well.

Red chain via Shutterstock

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