Three major Irish banks pilot Deloitte blockchain solution

Three major banks in Ireland are using blockchain to verify staff credentials in a drive for security and compliance.

The Bank of Ireland, AIB and Ulster Bank are using Deloitte’s blockchain solution for a pilot initiative, is has been revealed. The solution, which uses Ethereum and was built by Deloitte’s Blockchain Lab in Dublin, verifies and tracks staff credentials and qualifications data.

Credentials will be held in a digital wallet which will be used to help improve compliance in line with the Central Bank of Ireland. Ireland’s Institute of Banking is also involved in the project.

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Mary O’Dea, CEO of the Institute of Banking, said: “More than 23,500 members hold a professional designation with the Institute of Banking and, ultimately for us, it’s all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry.”

Paschal Donohue, Ireland’s Minister of Finance, said: “I fully support the development and adoption of new technologies like blockchain as a way to encourage digitalisation and foster innovation.”