Alastria

Alastria is a national blockchain ecosystem catered to large companies who want to digitize their assets. Find out more about the platform today in our review.

What is Alastria?

Alastria, found online at Alastria.io, is a network built on a decentralized platform. On the Alastria network, participants – including large companies in particular – will be able to create digital representations of the assets with which they work. These assets will be represented as “tokens”.

Companies can use these tokens to develop new products and services, or to optimize their current processes.

Overall, Alastria “enables a new paradigm of collaborative and multisectoral innovation in a very efficient way,” explains the official website. They also aim to vastly improve the modern business sphere:

“Alastria's objective is to transcend the business sphere and has held meetings with representatives of the Public Administration and Regulators, who have expressed their interest in collaborating with the consortium.”

The platform is a collaborative effort between banks and technology firms in Spain. It also includes academic institutions, universities, notaries, lawyers, and more. A full list of the corporations and organizations involved with the platform can be found in the Alastria whitepaper.

How Does Alastria Work?

Alastria is a combination of semi-public and permissioned blockchain infrastructure. Obviously, blockchain technology has enormous potential in a wide variety of spaces. In the public space, it can be used to decentralized currencies and financial services – like we’ve seen with bitcoin. In the private space, it can help enterprises become vastly more efficient and secure – like private, permissioned blockchains.

With that in mind, Alastria aims to tackle issues across a number of sectors, including finance, telecommunications, and the energy sector.

Alastria also aims to add universities and other academic institutions to its consortium in the future. Early reports show that “the Spanish government is keeping close tabs on this project as well.”

One of the first goals of the consortium is to create a digital identification system. The digital ID will be the main focus of Alastria for the near future. This “ID Alastria” system will “allow citizens to have full control over their personal information in a transparent way following the guidelines set by the European Union.”

Alastria comes with a membership-based system. There are three different tiers of membership, depending on the type of business trying to become a part of the initiative.

Startups pay a fee of 500 EUR, for example, while larger businesses will pay 10,000 EUR. Alastria will use this money to fund future blockchain development.

Who’s Behind Alastria?

Alastria is a consortium of companies from across Spain. The consortium was announced on October 17. It includes leading companies from Spanish banking, energy, and telecom industries, among other sectors. It also consists of notaries and lawyers who were added to “ensure the security and veracity of information through the identification of natural and legal persons.”

Alastria is a non-profit consortium. The consortium is led by Julio Faura, president of Alastria. Other key members include Alex Puig (CEO), Maria Parga (Vice President), and Montserrat Guardia (Vice President).

The consortium’s executive board consists of members from Banco Santander, BME, Banco Sabadell, Repsol, Roca Junyent, Everis, Endesa, BBVA, and Gas Natural Fenosa, among other major Spanish players.

The consortium was launched in 2017.

Alastria Conclusion

Alastria is a collaborative effort between some of Spain’s largest companies and institutions. The consortium is developing distributed ledger technology (a blockchain) capable of providing secure, verified information for all participants. The goal is to create a collaborative platform – the Alastria network. Participants can access that semi-private blockchain, then enjoy the benefits of blockchain technology without needing to develop their own blockchain platform in-house.

Some of Spain’s largest companies across multiple sectors have declared support for the platform. The platform is also supported by universities, academic institutions, and legal professionals across Spain.

The first goal of Alastria is to create a digital ID system called “ID Alastria”. That platform will offer different tiers of membership for large businesses, users, and other parties.

To learn more about Alastria, visit online today at Alastria.io

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