Spain’s Elite Companies Launch Alastria Blockchain Consortium

The implementation of blockchain technology is starting to become inevitable for some industries. Yesterday a society consisted of top technology officers of Spain’s biggest companies in telecommunications, finance and energy announced the launch a blockchain consortium named Alastria.

Alastria is composed of the consortium president Julio Faura, the head of blockchain research and development at Banco Santander; María Parga and Montserrat Guàrdia the vice presidents in charge of innovation at BME and Banco Sabadelli; Nuria Ávalos energy Repsol’s director of innovation; the CTO of digital innovation at banking giant BBVA, Carlos Kuchovsky; the director of technology and communications at Gas Natural Fenosa José María Boixeda; and the Alastria CEO, Alex Puig.

Together, they are working to develop a shared ledger technology which will become the platform for data exchange amongst these large companies.  Alastria’s network purpose is to provide a shared eco-system on which the end-user has the ability to create virtual items for assets, depending on their economic activity, these items are known as Tokens.

With the rise of digital transformation and the growing popularity of blockchain technology, the group is hoping to accelerate the creation of digital environments in order to prepare for the future. The consortium is open to any organization that wishes to develop their own Blockchain strategy.

Alastria’s future

The consortium hopes to change the general outlook regarding the blockchain technology and meetings have been occurring between Spain’s Public Administration, Regulator entities and Alastria towards that goal. These entities have shared their acceptance to collaborate on opening channels to locate and monitor case-studies in public agencies. Alastria is sharing their knowledge and reasons for adoption through organized sessions for the Administration. President of Alastria, Julio Faura, said:

“It is not easy for so many important companies to decide to bet a project together from the very beginning. That’s the best proof of the incredible potential that this technology and the consortium have. Julio proudly continued: “We should be proud that a pioneering and unprecedented project throughout the world has been born in Spain, which places the industries of our country at the forefront of digital transformation.”

Alex Puig, Alastria’s CEO, stated:

“Blockchain has the potential to become the biggest breakthrough in history in the way we share any digital element, whether it’s a document, a service, a show ticket or money.”

Another relevant factor behind the project is the plan to deliver blockchain technology to the university community through experimentations, training, and researching, leaving space for future projects to be developed on an academic level.