On June 18, EuropaPress published the news, which talks about the decisive intentions of Niuron, one of the largest banking consortia, to digitally identify individuals with the help of a special platform based on blockchain technologies.

Closer to the end of this year, a group of banks will actively develop a platform for the formation of a high-tech system, connected to the blockchain. Such a system will improve the process of identification and accounting of users during the first session of using the created account.

Niuron is sure that such an innovative platform will positively affect many aspects of the system’s use, including eliminating money laundering, minimizing fraud, and the highest handling speed of operational processes. Based on the preliminary evaluation of the platform, the specialists came to the conclusion that it would facilitate the acceleration of registration and give users maximum control over the private information.

It is planned that at the end of the development of the platform, all financial institutions and banks will have access to users’ data that will be transferred quickly and without problems between those organizations. At the same time, modernizing digital authentication, it will additionally correspond to contemporary safeness norms, as well as the latest rules of EU GDPR (European General Data Protection Regulation).

Abanca, Bankia, Caixabank, Caixa Ontinyent, Ibercaja, Kutxabank, Liberbank, Unicaja Banco, and Cecabank are parts of the Niuron union. Last year, Caixabank was ranked third in size around Spain, based on the data of Economipedia, which compiled the report, taking into account capitalization and assets. Moreover, Spanish top ten were able to enter such banks as Abanca, Ibercaja, and Kutxabank.

On 25 May 2018, the legal basis of the GDPR was accepted by the EU and is expected to make 75 thousand workplaces to ensure confidentiality. It is estimated that 500 Fortune’s Global companies will outlay 8 billion US dollars to guarantee compliance with the recently developed rules. The modern structure of confidentiality and data protection is aimed at creating a single adjustment of data in Europe and increasing the persons’ control over the employment and storage of the private information.