EXCLUSIVE — Spanish banks, along with certain Spanish telecommunication companies, have come together to establish a national network based on blockchain. The consortium is called Alastria.

This non-profit consortium, which will be regulated, is being built on Distributed Ledger Technology (DTL), and will serve as a new data exchange ecosystem for the Spanish banking, energy and telecommunication industry.

The goal of Alastria is not only to facilitate cross-industry interaction, but also to ensure the security of the digital IDs of Spanish citizens. Through ID Alastria, citizens will have control over their personal data (in line with relevant EU regulations).

Alex Puig, Alastria’s CEO, said in a Tuesday statement:

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… the Internet is being reinvented so that we can share and do business in a verified and secure way, but it is necessary to have a standard that allows all industries and the developer community to work with the same base.

Right now, the country’s public administration, regulators, and university community are part of the Consortium.

Some of the banking members of the consortium include Banca March, Banco Sabadell, Banco Santander, Bankia, and BBVA, among others.

Out of the 14 board members of the consortium, four belong to major banks including Santander and BBVA.

The consortium already includes about 70 of the largest banking, energy, and telecommunications companies.