Spanish Banks Form New Blockchain Consortium

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A bunch of Spanish banks has fashioned the nation’s first blockchain consortium. Wholesale financial institution Cecabank announced the trouble right this moment, partnering with skilled companies agency Grant Thornton.

Who’s concerned: In its announcement, Cecabank would not say which different establishments are participating, stating that it “comprises 33% of the Spanish banking sector”. However, in line with Spanish newspaper El Pais, the group’s membership contains Abanca, Bankia, CaixaBank, Kutxabank, Ibercaja, Liberbank and Unicaja.

It represents the primary main foray into blockchain for these corporations, as different Spanish banks, together with Banco Santander and BBVA, have been working with the tech for a while.

What they’re saying: Thus far, solely Cecabank has commented publicly on the consortium effort, describing it as a approach for its workers to get a top-down understanding of the tech – in addition to attainable perception into how the financial institution may really go about utilizing it.

“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,” Jaime Manzano, its head of reporting, operational administration and banking coaching companies, stated in an announcement.

The purpose? New services, in line with Grant Thornton’s Luis Pastor.

“Our intention is to help Cecabank to implement the technologies necessary for its companies to be the first to make good use of the advantages that blockchain is expected to produce,” Pastor stated.

Image Credit: Lokuttara / Shutterstock.com 

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