Bankia announces the launch of ChainLab

The news portal Estrella Digital reported on June 19 that Bankia launched a blockchain technology use case laboratory for the financial sector, called ChainLab.

Bankia announces the launch of ChainLab

Financial sector transformation

The news portal Estrella Digital reported on June 19 that Bankia launched a blockchain technology use case laboratory for the financial sector, called ChainLab. The main objective of ChainLab is to work on the identification and production of blockchain-based solutions that drive the transformation of the financial sector, and it was launched by Bankia in collaboration with the company dedicated to providing digital security solutions for companies, Oaro.

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In the article they explained the importance that Oaro has in the project: “His participation in the project has been key to identify the capabilities of his technology and the possibilities it offers to shorten the implementation of solutions with blockchain technology [...] The collaboration between both companies has allowed the development of a proof of concept for the management of real estate assets. The success of the test has been the forerunner to take collaboration to the next level.”

** The group behind the development of Facebook's digital assets project, the Libra Association, announced an update to its members.

Finally, the article explains the advantages of the association of both companies to develop these types of projects: “The creation of this laboratory reaffirms the bank's commitment to forge lasting business relationships with those projects participating in Bankia Fintech that add value to the transformation of the financial sector. Oaro is a technology startup that aims to bring the advantages of blockchain technology closer to commercial operations and business processes in a simple and agile way, in line with Bankia's strategy of making life easier for the client.”