Deloitte launches Dublin blockchain lab

BIG FOUR firm Deloitte is to create 50 new jobs in Ireland, announcing the creation of its new EMEA Financial Services Blockchain Lab in Dublin.

Blockchain allows companies to track and record digital transactions without the need for a central database, making businesses less vulnerable to online fraud. The technology has become the cornerstone for crypto-currencies like Bitcoin.

Deloitte’s new lab will form part of its fintech initiative ‘The Grid’, a platform which aims to help the firm better understand and embrace the innovative trends affecting the financial services industry.

The 50-strong team will focus on developing blockchain capabilities and proof-of-concepts into functioning prototypes to create “ready to integrate” solutions for financial services clients.

The lab will serve as the Deloitte EMEA centre of excellence in blockchain, working alongside specialist teams in other member firms such as the London-based UK blockchain team. Deloitte recently announced partnerships with five leading blockchain technology companies as part of its global blockchain delivery initiative.

David Dalton, head of financial services at Deloitte Ireland, and co-lead partner of the blockchain lab said: “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 and digital identity, 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.”

Earlier this month, Deloitte launched its blockchain-powered Smart Identity prototype, giving its customers the ability to control and access every part of their ‘digital identity’.

Deloitte has been increasing its presence in both Ireland and Northern Ireland, confirming plans to grow its Belfast staff to 1,000 employees by 2020, which would make it the largest Deloitte office outside of London.