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The Spanish bank consortium, Niuron, will develop a new blockchain-based system aimed at verifying the digital identification of its customers. According to the published information, the technological system should be launched by the end of 2018.

Niuron consists of 9 Spanish banks, three of which are in the TOP-10 of Spain's largest banks as of 2017. The consortium expects from its development several positive changes to occur in the banking system.

According to the members of the consortium, the new blockchain-based platform will increase the speed of the main operations, as well as reduce fraudulent activity and money laundering.

Customers of the banks will also receive benefits from using the platform. The system will reduce the time needed for registration and provide more opportunities in managing personal data.

The platform will comply with all of the European Union rules for the protection of personal data. Therefore, customer data will be transferred between different financial institutions and this innovation will simplify digital identification.

The EU General Data Protection Regulation (GDPR) Came Into Force: What Does This Mean For Blockchain?

Now the EU is actively engaged in the confidentiality of personal data. On the 25th of May, the General Data Protection Regulations (GDPR) entered into force which creates one set of data protection rules for all companies operating in the EU.

By Ekaterina Ulyanova

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