Blockchain to enter in Spain’s Banking Sector

Blockchain Technology  will now be adopted by Spanish banks. The banks in Spain are now exploring Blockchain technology. These banks are now forming their own Blockchain Consortium

Cecabank, a Spanish bank along with some other partners has formed the Blockchain Consortium. At present, the consortium is gaining around One-Third support from the whole Banking Sector of Spain. The consortium will be working with an individual professional services firm called Grant Thornton, whose function would be to develop Blockchain application and programes for the participating banks in the consortium.

The Spanish Bank’s Blockchain Consortium is focusing initially on

->To improve Know Your Clients (KYC) practices, and

->To implement and make use of Blockchain technology to control and reduce money laundering activites.

(Also read :Indian Banks looking out for Blockchain)

Cecabank along with other participating banks in the consortium will be working on Ethereum and Hyperledger platforms to create the required Blockchain based distributed-ledger technology solutions.

Jamie Manzano, head of Reporting, Operational Management, and Banking Training Services at Cecabank mentioned in one of the publications:

“The new consortium will provide us with a privileged position on the market, since we will be the first in effect to work with this technology, in a cross-sectoral and multidisciplinary environment. 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.”

Blockchain is considered the next generation of internet. It is not only being used in Banking sectors.But is also set to revolutionize Supply-Chain sector, Real Estate Sector, Music and Entertainment, Healthcare, Insurance , Voting and Election , etc.

(Must Read: South Korea uses Blockchain Technology for Elections)

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Russian Banks considering Blockchain Technology