On the heels of a newly formed blockchain consortium by Cecabank and Grant Thornton, a number of Spanish banks, law firms, and other companies have joined forces to launch another consortium – Red Lyra, CoinDesk reported.

The multisectoral consortium has been founded to combine efforts in the creation of a cross-cutting, open-code and neutral platform based on the ‘blockchain’ and distributed ledger technologies (DLT). Current members of the initiative include:

BBVA, Banco Sabadell, Santander, Bankia, BME, Caja Rural, Cajamar, Cepsa, Correos, Ejaso, Endesa, Everis, Garrigues, Gas Natural Fenosa, Grant Thornton, Iberdrola, Comillas ICADE, MásMóvil, Momopocket, Notarnet, Roca Junyent y Scytl

The consortium will primarily aim to build a network on which to develop a new generation of DLT-based services, guaranteeing their conformance with and adaptation to Spanish regulations. The first project will focus on the development of a digital identification system that can be safely shared by all members of the network, which ensures full compliance with Spanish regulatory requirements, BBVA said in an official release.

“The Lyra Network will help bolster the development and adoption of new Distributed Ledger Technologies in Spain. Also, the neutral open-code philosophy under which the network has been conceived warrants its integration and compatibility with other international initiatives,” says BBVA’s CTO of New Digital Business, Carlos Kuchkovsky.

According to Mondovisione, the digital identity system will be based on smart contracts. The system will enable Spanish notaries to certify and validate if the digital identity in Lyra matches a real identity. Partners will act as “nodes”, who will validate the activity.

"Partners admitted subsequently can also have access to a node, which will add more details to a user's identity. For example, in addition to my customer file, there may be a factual and exhaustive log of my transactions with all the companies in the network", Alex Puig, director of Red Lyra, explains. “"The project is inclusive and democratic because the members of the network are the ones who decide its future and ensure that no single member has full control. It is a consortium, a collaborative network, helpful for everyone”.