New Spanish Consortium Niuron Has Purpose To Promote The Usage Of Blockchain Technology

Niuron, a new Spanish bank consortium, has been opened purposing to summon knowledge and strengthen and encourage the operation of blockchain innovation technology in the financial industry.

Niuron has been founded by eight banks (Abanca, Bankia, Caixabank, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank and Unicaja Bank) and held by Cecabank jointly working with Grant Thornton, an American accountancy firm.

The consortium has two aims. First one is to create information over this technology in the technical, legal and business field and the second one is to suggest the joint programs based on distributed ledger tech (DLT).

In fact five banks from the consortium (Abanca, Ibercaja, Kutxabank, Liberbank and Unicaja Bank), and company Caja Ingenieros, are creating a project to check the identity of a person when registering as a customer.

The above mentioned project will enable a customer’s digital identity to be shared among different banks, in a GDPR-conforming method. It is aiming on increase in speed, savings in costs, a reduction in fraud and operational risk and an improvement in preventing money laundering.

Also in Spain, BBVA and Repsol are operating in more blockchain projects. It appears the blockchain rush is catching up across the peninsula.