Spanish bank will launch blockchain network for clients ID

The Spanish banking sector keeps up with the technological innovations that currently drive the financial ecosystem through the blockchains and transactions in cryptocurrencies. Recently, the Niuron consortium announced that by the end of the year it will launch a blockchain for the verification of customers ID.

The security procedure in the banking sector will apply to customers when they proceed to open an account with the entity for the first time. Representatives of the consortium believe that blockchain technology will allow them to fight crimes such as money laundering and fraud.

Likewise, they seek to ally with suppliers of the most advanced technologies to decentralize banking procedures and thus reduce transaction times to the satisfaction of customers. These will benefit from greater control of their data.

When the installation of the platform starts, the data of the users will be shared by all the banking entities. The objective is to comply with the regulations on the handling of data framed in the recent General Regulation of Data Protection of the European Union.

As it is known, the regulation was launched last May in order to achieve privacy and protection of user data in a framework accepted by all the member countries of the community.

M.Pino

Source: Cointelegraph

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