Irish banks, Deloitte join forces on blockchain-based platform to manage staff credentials

A number of banks and tech companies are teaming up on a new blockchain-based platform for verification of credentials, The Irish Times reported.

Bank of Ireland, AIB, Ulster Bank, and consulting giant Deloitte are collaborating on the new initiative, Minister for Finance Paschal Donohoe announced recently.

The blockchain platform will aim to support the verification, tracking, and management of regulatory and other professional qualifications. It is also intended to reduce operational and regulatory risks and costs associated with ensuring compliance with the Central Bank of Ireland regulations for financial institutions.

The platform has been built using the Ethereum blockchain by Deloitte’s EMEA blockchain lab, Fora reported. In the new system, bank employees will have access to a digital wallet that will hold their credentials.

The pilot phase of the project is slated to be completed this summer and the platform is expected to be rolled out to Institute of Banking’s 23,500 members by summer 2020.

“(It’s) all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry,” Mary O’Dea, chief executive of the Institute of Banking, said.

Commenting on the initiative, Donohoe said the government “fully supports the development and adoption of new technologies like blockchain, as a way to encourage digitalisation and foster innovation.”

The project was announced during the Blockchain Ireland Week. Another major announcement made during the event is the launch of the country’s first Master’s degree in Blockchain.

In 2018, the Department of Finance launched a working group to look into blockchain technology and cryptocurrencies. These efforts of the working group are being headed by Mai Santamaria at the department.