The majority of Ireland’s ‘Big Four’ taking a swing at Using Blockchain.

On the list of seemingly endless blockchain use cases is Blockchain-based verification of credentials and it seems to be slowly adding more live examples to its credit. Three of Ireland’s “Big Four”The Bank of Ireland, AIB and Ulster Bank– have now become a part of this blockchain use case; they are using blockchain tech to verify employees’ credentials. A news outlet reported on Thursday that they are using a blockchain solution from Deloitte for the pilot initiative.

In the European financial services industry, this proposed solution is notably the first of its kind; it has reportedly been built using ethereum by Deloitte’s EMEA Financial Services Blockchain Lab in Dublin. According to the report, it will be used to verify and track staff credentials and qualifications data. Credentials of Staff will be held in a digital wallet, enabling banks to comply with the Central Bank of Ireland regulations for meeting specific standards for senior staff.

The report also notes that Ireland’s Institute of Banking is also a participant in the project which is expected to run until the end of the summer. Ireland’s Institute of Banking currently holds professional certification data on 23,500 banking employees. Eventually, a full live launch for the institute’s members is highly anticipated by mid-2020.

This is ‘another swing’ at using blockchain for the trio; the three of the ‘Big Four’ Irish banks have apparently been on a blockchain tech trail for other areas as well from way back in 2016. The Bank of Ireland completed a blockchain trial in partnership with Deloitte in 2017 that was centered on trade reporting. AIB and Ulster Bank, on the other hand, participated in a blockchain payments trial, organized by Deloitte as well.

Other notable cases of Blockchain-based verification of credentials – Malaysia’s education ministry that launched a blockchain platform as well in that line called e-Scroll for the issuance and verification of university degrees. While U.S. Customs and Border Protection also recently began a blockchain trial to verify the North American Free Trade Agreement and the Central American Free Trade Agreement certificates. Another is from earlier this year when PwC (Renowned financial services firm) launched a similar blockchain-based platform dubbed Smart Credentials. It allows company employees to be issued digital copies of professional qualifications.

READ MORE-

Egypt warming up to Cryptocurrency; Following 2018 Ban.

First-Ever On-Chain Blockchain Update on Tezos Is About to be enacted.

Another Financial institution Turns to Blockchain: to Speed up Loan Issuance.

An Aid to Fight SEC; Kik is Crowdfunding $5 Million in Crypto.

Over $100,000 In WETH paid For Car-Racing Crypto Collectable.

 

Credits- Yogita Khatri

 

 

JOIN OUR COMMUNITY

Leave a comment

My Newsletter

Sign Up For Updates & Newsletters

[mc4wp_form id="456"]