Blockchain reigns in Spain as banks prep new ID system

The group includes CaixaBank, Abanca, Bankia, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank, Unicaja Banco, and Cecabank. Niuron claims the system will speed up operations, decreasing registration processing times, simplifying digital identification and giving clients more control over their personal information. It will also help reduce fraud and prevent money laundering.

The platform will be created to comply with the EU’s General Data Protection Regulation (GDPR), with customers’ information being shared among various banks and financial institutions.