Red Lyra is a New Blockchain Network for Businesses in Spain

Photo: Finance Magnates

A consortium of Spanish companies from different industries has created Red Lyra, a technology platform based on blockchain. The goal is for any company to be able to use the network to validate basic services and to develop applications with full legal guarantees in Spain.

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The founding members of Lyra are: Banco Sabadell, Banco Santander, Bankia, BBVA, BME, Caja Rural, Cajamar, Cepsa, Correos, Ejaso, Endesa, Everis, Garrigues, Gas Natural Fenosa, Grant Thornton, Iberdrola, Icade, MásMóvil, Momopocket, Notarnet, Roca Junyent and Scytl.

One of the network’s main priorities will be to create a digital identity system based on smart contracts. The first service of Lyra is expected to be operational in the next few months.

Any company, administration, start-up, freelance professional or other not-for-profit entity can join at any time to develop projects and to provide services.

Alex Puig

Alex Puig, director of Red Lyra, explains: “The project is inclusive and democratic because the members of the network are the ones who decide its future and ensure that no single member has full control. It is a consortium, a collaborative network, helpful for everyone.

Lyra is set up as a semi-public and authorised network for blockchain technology in Spain and is a global pioneer, as no project has existed previously where so many companies collaborate to design such an ambitious digital work space.

All of the partners and users act in ‘coopetition’, i.e. they cooperate with each other but they also compete, using the network with the assurance that they will never be able to control it without the approval of all participants”.

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