Lyra pulls the strings for blockchain

Lyra pulls the strings for blockchain

A consortium of Spanish companies has created Red Lyra, the “first multisector technology platform in the world based on blockchain”.

Lyra comprises fintech and non-fintech companies, professionals, and experts in blockchain. Its founding members include Banco Sabadell, Banco Santander, Bankia, BBVA, Bolsas y Mercados Españoles (BME) and consulting firm Grant Thornton. In fact, just last week, Grant Thornton and Spanish wholesale bank Cecabank created the first blockchain banking consortium in Spain.

The goal is for any company to be able to use the Lyra network to validate basic services and to develop applications in a “transversal environment with full legal guarantees in Spain”.

One of the network’s main priorities will be to create a digital identity system based on smart contracts. The first unspecified service of Lyra is expected to be operational in the next few months.

Alex Puig, director of Red Lyra, says: “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.”

Puig adds that all of the partners and users act in “coopetition” – meaning “they co-operate with each other but they also compete, using the network with the assurance that they will never be able to control it without the approval of all participants”.

Lyra is a not-for-profit network and any company, administration, start-up, freelance professional or other not-for-profit entity can join at any time to develop projects and to provide services. It will be funded through contributions from the partners and users.