Three Irish banks have begun using a staff data solution running on blockchain technology. Together with the Institute of Banking (IoB), Bank of Ireland, AIB and Ulster Bank partnered with Big Four accounting giant Deloitte on the project, which verifies staff credentials.
Deloitte developed the Ethereum-based tool using its dedicated EMEA Blockchain Lab.
“This is a great application of blockchain technology to a vital area of banking. We are delighted to support The Institute of Banking and the banks involved in this project and look forward to the results that this initiative will deliver,” David Dalton, EMEA lead and head of financial services at Deloitte, commented in the press release.
The distributed database will facilitate a wide range of staff-related data management processes, and is currently in beta test mode, with a full rollout expected by the end of summer 2020.
“The new platform is a first in the European financial services industry and will support the verification, tracking, direct access to, and management of, regulatory and other professional designations, education qualifications and lifelong learning credentials,” the participants summarized.
Deloitte is increasing its bespoke blockchain product range, in February completing a joint pilot scheme focusing on the technology’s application in the supply chain arena.
In March, Cointelegraph additionally reported on the state of blockchain in Ireland, which is seeing interest increase despite misgivings about the impact of a potential “no-deal” Brexit.