Through Red Lyra’s services every individual and company in Spain will be able to identify itself digitally in a secure manner. The first service is expected to be rolled out in the next few months. The final aim is to allow any company to use the network in order to develop applications in a transversal environment with full legal guarantees in Spain.
Lyra was created through the collective effort of companies from every industry, professionals like notaries and lawyers, and experts in blockchain technology. Its founding members are, in alphabetical order: Banco Sabadell, Banco Santander, Bankia, BBVA, BME, Caja Rural, Cajamar, Cepsa, Correos, Ejaso, Endesa, Everis, Garrigues, Gas Natural Fenosa, Grant Thornton, Iberdrola, Icade, MásMóvil, Momopocket, Notarnet, Roca Junyent and Scytl.
The network’s main priorities will be to create a digital identity system based on smart contracts. The system will store all the elements necessary to identify people and companies in a secure manner, as well as to apply digital signatures in a legal manner.
Similarly to blockchain technology, the digital security system will function based on “nodes”, meaning users who validate the activity, making sure that the data is reliable and secure.
Red Lyra is a nonpartisan project and companies working on the network will develop products and make decisions in a democratic manner. All the services available through the platform will comply with current legislation on data protection.
A similar consortium based on blockchain technology has also been developed by Cecabank who partnered with professional services company Grant Thornton.
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