The institution seeks to develop initiatives based on blockchain and digital identity. The objective is to increase security in the exchange of information with related institutions.
The National Coin and Stamp Factory – the Royal House of the Mint of Spain (FNMT – RCM), selected the firm PricewaterhouseCoopers (PwC) to develop a set of initiatives and projects based on blockchain and digital identity. This information was reported by several local Spanish media on Thursday, October 10th.
According to the reports, the FNMT – RCM, which is the institution in charge of the issuance of bills, coins and stamps, as well as the certification of documents, seeks to increase security in the exchange of data with the different entities with which it relates. In this sense, the Mint of Spain will make available to its related associates a platform based on a blockchain and integrated with electronic signature certificates.
The main objective of this project is to take advantage of the immutable data record of the blockchain, thus ensuring that each of the actors involved has a guarantee of the authenticity of the information. To achieve this end, FNMT – RCM will receive advice from consultancy firm PwC, which is ranked as the second largest professional services firm on a global scale.
According to the information, a platform that is supported by an immutable registry represents an evolution with respect to the current digital certification techniques used by the FNMT – RCM, an institution created in 1893. The consultant PwC believes that a significant increase in security will be achieved, since each record in the blockchain will include the digital signature of the parties involved.
It was also reported that PwC advises the Mint of Spain on other services based on a blockchain, which will determine the type of information that will be shared and with whom it will be shared. Regarding the subject of this alliance, a spokesman for the consulting firm assured that in the next two and five years most of the main Spanish organizations will have incorporated into their businesses initiatives based on a blockchain to transform their processes.
It should be noted that a year ago the global firm PwC revealed the hiring of about 400 employees with knowledge of cryptocurrencies and blockchain networks in its subsidiaries all over the world. At that time, he expressed a need to meet the growing demand of the companies in the sector. The consulting firm would be developing projects related to this sector since 2016.
Last June, the consulting firm, which is considered as one of the “Big Four,” together with KPGM, Deloitte and EY, launched an auditing software program for its customers that have entered the cryptocurrency industry. The application, called Halo, provides evidence that the firm is interested in the subject.
Halo allows users to have details of the operations with cryptocurrencies, tracking the transactions in the blockchain. In this way, it is possible to obtain “independent substantive evidence” on the ownership of crypto assets. So far, it has supported Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, XRP and ERC20 tokens.
By Willmen Blanco
