EuropaPress reports that a blockchain platform for client digital identification verification is being developed by a major Spanish banking consortium Niuron.
By the end of 2018, a group of banks plans to construct the platform with the goal of developing a blockchain technology-based system to recognize and record clients when they open an account for the first time.
The new blockchain platform is believed to improve the speed of operations, lessen fraud, and prevent money laundering. The platform, as reported, will benefit the clients in such a way that it will decrease the time required for the registration process and present clients with more control over their personal data.
Clients’ data will be shared between different banks and financial institutions once the platform is finished. Though it will simplify digital identification, it will also comply with recent EU General Data Protection Regulation (GDPR) rules and modern security standards.
The Niuron consortium involves Caixabank, Abanca, Bankia, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank, Unicaja Banco, and Cecabank. Caixabank was Spain’s third-largest bank in 2017, while Ibercaja, Kutxabank, and Abanca were also one of the country’s top 10.
On May 25 of this year, the GDPR legal framework was adopted by the EU and is predicted to produce 75,000 privacy jobs. $8 billion is estimated to be spent by Fortune’s Global 500 companies to secure compliance with the new regulations. The new framework for data privacy and protection intends to produce a uniform data regulation within Europe and to improve individuals’ control over the use and storage of their personal data.