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The public limited company Istec participates in a Spanish blockchain technology cooperative

June 6, 2020

In Valencia, Spain, the trading company Infraestructures i Serveis de Telecomunicacions i Certificació (Istec) under the Ministry of Finance and Economic Model participates as a founding member of a Spanish cooperative that offers a public network of blockchain technology. The Generalitat Valenciana reported this on their website on June 5.

Juan Alegre, managing director of Istec, was the one who announced on the board of directors of the joint-stock company the provision of generalitat electronic communications services, which took place under the presidency of the Minister of Finance and Economic Model, Vicent Soler.

Vincent Soler noted:

“It is an unprecedented initiative at national level that enables the Valencian community to become a national and international benchmark for the use of this key technology in the new knowledge-based economy.”

The public limited company Istec participates in a Spanish blockchain technology cooperativeThe public limited company Istec participates in a Spanish blockchain technology cooperative

The Valencian government’s website highlighted that blockchain technology helps protect the security and privacy of online transactions. “It creates more reliable scenarios for information exchange or value transfer, and at the same time strengthens the relationship of trust between companies, customers and suppliers because transactions can be carried out without intermediaries,” they said.

“In this way, the main goal of this business initiative is to ensure the accuracy and traceability of digital information and its subsequent handling in an agile, economical and scalable manner for all types of operations with digital or physical support from the digital twin or token that ensures compliance the legal provisions and the control of the information itself and the system on which it is based, ”they added later.

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