Bank of Ireland To Trial Staff-Related Data Administration on Ethereum Blockchain

Blockchain powered staff data solution has been adopted by three Irish banks, namely the Institute of Banking (IoB), Bank of Ireland, AIB and Ulster Bank, in partnership with Big Four accounting giant Deloitte, which validates staff qualifications.

Deloitte built the tool using Ethereum blockchain in its dedicated EMEA Blockchain Lab.

Regarding the adoption of staff data solution, David Dalton, EMEA lead and head of financial services at Deloitte, said “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.”

The distributed ledger will support a broad range of staff-related data administration processes and is presently in beta trial mode with a complete launch anticipated by the end of summer 2020.

The project participants summed up as follows:

“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.”

Deloitte continues to add up to its blockchain product offerings. Back in February, the consultancy firm finished a joint trial program concentrating on the technology’s application in the supply chain domain.

Blockchain continues to be adopted by several countries. Ireland, for instance, is seeing growing interest in implementing the technology despite concerns over Brexit uncertainty.