Blockchain & Crypto

Spanish firms team up to launch blockchain-based digital ID system

The plan involves facilitating the users with their unique online identity and ease of access to personal data

digital ID

Spanish firms team up to launch blockchain-based digital ID system. Source: pixabay.com

Ten Spanish companies collaborate to design an automated digital identity system with the help of blockchain technology. It will assist the individual users in filling up forms automatically and avail many other similar services.

The renowned Spanish companies Alastria consortium, Bankia, Banco Santander, BME, CaixaBank, Pinetum, Línea Directa Aseguradora, Liberbank, Mapfre and Naturgy, and Repsol have joined their hands to meet all the resources of this project.

The project is named Dalion, and its concept test has been recommended for use by the experts.

The Dalion will be a reliable and protected medium for the users to manage and share their data. This automated platform allows each person a unique digital identity with all their personal records in this particular domain. This data has been stored, manipulated, and backed by the involved companies. The people will be free to share the data everywhere at any time by this simple, fast, and secure process.

Presently, the demos are working on one of the Alastria, a Spanish blockchain infrastructure company. The company is a joint group of 600 partners, including Small Medium Industries, Public authorities, some large companies, and academic institutions that have an objective to build a public permission-based blockchain infrastructure.

The model of the Alastria also presented to the Spanish Association for Standardization, which contributes to improving productivity and economic growth. Alastria Identity model is now moving from a de facto to a formal standard. The model was also submitted to other international authorities such as the European Committee for Standardization and others.

We’ve reported that in the last two years, the blockchain revenue at the international level fell almost 35%. It estimated that the potential loss could be up to $2.8 billion. The aggregate market cap wiped 80% by the 2018 crypto winter. After this, more than two thousand cryptocurrencies have collapsed.

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