Santander develops blockchain-based digital identity system

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Santander разрабатывает систему цифровой идентификации на базе блокчейна

The largest Spanish bank Santander, jointly with several banks and oil and gas companies, develops a "self-governing" blockchain-based digital identity system.

Beyond Santander, Spanish banks CaixaBank and LiberBank participate in the development, as well as NATURGY and Repsol oil and gas companies, which united in a targeted working group called "Dalion". The group is working on creating a safe and reliable platform, thanks to which users will be able to control personal data, And which will be available on mobile devices.

User data will be saved in the blockchain, Therefore, they do not have to enter the same information every time. The requesting side will be automatically issued verified data. The developers have already called several options for applying this platform: For car rental, insurance, registration of applications for a loan, as well as for registration in organizations, providing utilities.

The platform operates on the basis of the system, created by the consortium Alastria, which is developing products based on blockchain. Representatives of Alastria reported, that this system is based on previous developments, related to digital identification, and meets the requirements of the regulators of Spain and the European Union, Including the general regulations of the EU for the protection of personal data.

Project participants think, that the blockchain will ensure the safety of user data, will implement more effective working models and improve customer service quality. Besides, blockchain will not allow duplication of information and making errors, will ensure the confidentiality of users and prevent "surveillance" of their actions. Testing evidence of the concept (PoC) It passed successfully, And this month the second development phase begins. The deployment of the platform is planned to start in May 2021 of the year.

Note, that a few months ago, Santander, together with four Spanish banks, successfully completed POC testing for payments using smart contracts.