Spanish Banking Group Develops Blockchain Platform to Identify Clients

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A consortium of Spanish banks called Nuron, announced that it is developing a blockchain platforms to identify and register clients. The information has been provided by Europea Press on June the 18th.

Consortium of Spanish Banks Adopt Blockchain Technology

Blockchain technology has been expanding all over the world. An important number of enterprises and banks have been using this technology so as to offer better services and products to their clients.

This time, the banking consortium known as Niuron, that is conformed by Abanca, Bankia, Caixabank, Caixa Ontinyent, Ibercaja, Kuxabank, Liberbank, Unicaja Banco y Cecabank, is developing a platform that will verify the digital identity of clients. Working side by side with Grant Thornton, it will be possible to create a blockchain system to improve the process of digital verification.

Every time that a client wants to be registered, a new system will be used to verify the user’s identity in a fast and secure way. In this way, it will be possible to solve an important problem that most financial entities face – verify that the information of a client is real.

Banks would be able to operate in an easier way, reduce costs and fraud, and improve the services offered to their clients. With it, the client and the bank will have a better overall experience.

The main purpose of these entities is to generate knowledge in the technical, legal and business field about blockchain technology.

It is also important to mention that on May the 25th, 2018, the new GDPR system started to be effective. The main intention behind it is to improve people’s privacy and their data, and the use that enterprises give to the information gathered from their users.

Other Banks Invest in Blockchain

There is an important number of financial institutions and banks that are working with blockchain technology with the intention to offer better products and services to their clients.

This technology allows companies to reduce costs, be more efficient and operate in a faster way.

We can mention the case about JP Morgan, that has been working in order to develop its own blockchain network known as Quorum, which is used by other entities around the world. In the future, it is possible that other enterprises would start to use these new services.