Cecabank and Grant Thornton create Spain’s first blockchain banking consortium
Called Blockchain Banking Consortium, the project intends to progressively develop the potential of blockchain in the financial sector, and according to the pair it presently comprises 33% of the Spanish banking sector.
Luis Pastor, Grant Thornton technology and innovation partner, says: “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.”
One of its first solutions is intended to increase efficiency in the prevention of money laundering processes. The solution also enables the digital identification of customers via a know your customer (KYC) recognition system based on blockchain.
The consortium says it has plans to commission other unspecified proof of concepts (PoC). The applications will be developed using technologies such as Ethereum and Hyperledger.
Cecabank and Grant Thornton have also created a working hub so members can test their latest discoveries, as well as those still in the PoC phase, and assess their future viability in each of their businesses.