A blockchain´s key purpose is providing trust in transactions. It does this almost instantly and can scale to huge volumes of transactions. There are hundreds of scenarios where blockchains are being used, with more appearing every day. Today, Red Lyra, a unique Spanish cross-industry blockchain is born.
Founded by a multisector consortium of innovative organizations across Spain – such as Banco Santander, BBVA, Everis, Iberdrola, Notarnet, Scytl – this is the first ever multisector technology platform in the world based on blockchain and distributed ledger technology. The platform´s objective is to allow companies to use the network to validate basic services and to develop applications in a transversal environment as well as address some of the key limitations of other blockchains:
- Red Lyra is a nonpartisan and not-for-profit network open to growth. Any company, administration, start-up, freelance professional or non-profit organization can join at any time, ensuring blockchain independence.
- Key members of Red Lyra are legal experts that with ensure that the legal gap present is other blockchains is assured by providing full legal guarantees in Spain.
As the elections industry leader and years of cryptographic expertise, Scytl joins the consortium to share ongoing insight and best practices in how blockchain technology is being used for sensitive election data and election specific audits. In the elections industry, blockchains can be used for the distributed immutability of data, ensuring data has not been changed after its publication, guaranteeing, for example, that election audit information has not been manipulated after its immutabilization in the blockchain.