Three Irish banks and Deloitte develop data management blockchain platform

Three major banks in Ireland, Bank of Ireland, AIB and Ulster Bank have joined The Institute of Banking (IoB) and Deloitte in the development of a blockchain based education service for the finance industry.

In an official statement issued today, the collaboration announced its’ plans to develop the first ever European educational platform intended for the financial world. The functionalities of the Ethereum blockchain system will include:

verification, tracking, direct access to, and management of, regulatory and other professional designations, education qualifications and lifelong learning credentials.

This new service also provide users with an integrated digital wallet, which will serve the purpose of a portfolio of all previous qualifications, completed educational courses, and professional skills. Because of this functionality, the new platform will attract interest not only from people who want to learn new things but also from professionals in the industry and recruiters.

The initial idea for the platform came directly from Deloitte and was developed in their Blockchain Lab dedicated explicitly to the EMEA region.

Through this new blockchain development, Deloitte is further strengthening its’ presence in the industry and proving itself as one of the leaders when it comes to innovative implementations of this new technology.

According to Paschal Donohoe, Irish Minister for Finance and Public Expenditure and Reform this collaboration is

an excellent example of how, through collaboration, Ireland is delivering real change and preparing the country for the future.

In addition, the involvement of several banks with a blockchain-based platform further proves that traditional financial bodies are becoming more and more accepting of the developments in technology.