Deloitte to develop blockchain solutions for finance sector
Deloitte has announced a new 'lab' to develop next-generation database technology projects and solutions for the finance industry.
The firm's EMEA FSI Grid Blockchain Lab will operate from Dublin's 'Silicon Docks', next door to the likes of Google and Facebook, and coordinate with specialised teams across Europe to advance blockchain capabilities for clients.
The move comes after Deloitte recently announced partnerships with five leading blockchain technology companies as part of a global delivery initiative.
The firm has worked on more than 30 prototypes in areas such as digital identity, digital banking, cross-border payments, trade finance, rewards programmes, investment management and insurance.
There is significant demand from clients who are looking to use blockchain to speed up payments. Deloitte Ireland
'Blockchain' generally refers to an electronic ledger system powered by software algorithms to record digital currency transactions and track the exchange of other data. It was highlighted at the 2017 World Economic Forum as the starting point for an entirely digital economy.
David Dalton, Head of Financial Services at Deloitte Ireland, and Co-Lead Partner of the lab commented: “Blockchain technology is disrupting the financial services industry for the better when it comes to transparency, efficiency, and improving trust.
"There is significant demand from clients who are looking to use blockchain to speed up payments and transfer clearances, settlements, reconciliations, digital identities, and many other use cases.
"By bringing together the best of Deloitte experts and building upon our capabilities, we believe our lab will play a significant role in lifting blockchain use to a new level.”
Deloitte is looking to double the size of the lab team over the next 18 months, by opening up opportunities to local developers and digital specialists in addition to experts within the Deloitte network.
Brendan Jennings, Managing Partner of Deloitte Ireland, said: “Not only was the strength, expertise, and proven capability of the Deloitte Ireland blockchain team recognised, but the proximity to the headquarters of many global technology companies, our strong focus on innovation and R&D, and the support from governmental institutions, academia, and the local FinTech industry were all key factors in securing this investment.
"We’re excited as an organisation to be positioning Ireland as being at the forefront of progressing this exciting technology.”
The firm has already been collaborating with the Bank of Ireland to complete a joint proof-of-concept trial, combining blockchain technology with existing systems to improve client experience and low-cost regulatory oversight.