Spanish Consortium Establishes Multisector Blockchain Network

A consortium of Spanish firms has announced the launching of an open-source blockchain platform for multiple sectors. The non-profit venture is called Red Lyra and will enable the development of basic services and applications while guaranteeing compliance with Spanish regulations.

The Lyra network will also streamline a number of business processes, such as client registration within financial institutions, utility services, and telecommunication service providers.

The first project, expected to be deployed in the next few months on the Lyra Network, will concentrate on the “development of a digital identification system” to be securely shared by all network members. The platform will also utilize executable distributed code contracts for the development of legal identity services. As per Julio Faura, head of blockchain research and development at Banco Santander:

“Red Lyra is a great example of the advances in the use of blockchain in corporate environments. 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 following companies are actively involved in the project: 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. According to the release, the partners are seeking more firms to develop and maintain the Lyra Network.

Alex Puig, director of Red Lyra, expressed assurance that the partnership won’t stifle competitive drive within the consortium:

"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."