Market Today

Alastria: The first regulated national blockchain-based network is Spanish
Editorial Team

The major Spanish banking, energy and telecommunications enterprises join their forces and establish Alastria, the world’s first regulated national network based on the blockchain.

Announced simultaneously in Madrid, Barcelona, Bilbao, Valencia and Malaga, the non-profit consortium will work to develop a distributed ledger technology (DTL) that will become the system of record for data exchange among these large corporations. The consortium has been made up of about 70 of the most important companies and institutions in different sectors.

Its board includes

  • Julio Faura, the head of blockchain research and development at Banco Santander (and president of the consortium)
  • The vice presidents in charge of innovation at BME and Banco Sabadelli, María Parga and Montserrat Guàrdia
  • Energy giant Repsol’s director of innovation, Nuria Ávalos
  • Carlos Kuchovsky, the CTO of digital innovation at banking giant BBVA
  • José María Boixeda, the director of technology and communications at Gas Natural Fenosa.

“It is not easy for so many important companies to decide to bet a project together from the very beginning. That’s the best proof of the incredible potential that this technology and the consortium have,” Faura said in a statement. “We should be proud that a pioneering and unprecedented project throughout the world has been born in Spain, which places the industries of our country at the forefront of digital transformation.”

The digital ID will be the focus of Alastria in its beginnings through the standard of Digital Identity “ID Alastria,” which will allow citizens to have control over their personal information transparently following the guidelines set by the European Union.

If the digital identity is the public-facing component of the Alastria grand plan, then the tokenization of all the assets that are managed by the consortiums corporate partners is another, according to its public statement.

“The Alastria network will provide a shared platform on which the various participants, and in particular large companies, will be able to create digital representations of the assets with which they work in their usual economic activity, also known as “tokens.” With these “tokens” it is possible to develop new products and innovative cutting services, in addition to being able to develop current processes faster, safer and more efficiently,” according to the statement.