Categories: CryptoNews

Bank of Ireland Partners With Deloitte For Blockchain Experiment

In a rather surprising turn of events –  yet somewhat expected – the Bank of Ireland has announced they are taking a keen interest in blockchain technology. Thanks to a collaborative effort with Deloitte, the plan is to deploy blockchain technology as a tool to trace transactions on top of traditional legacy systems.

Also read: Demand for Bitcoin Spikes in Japan

Bank of Ireland And The Blockchain

Innovation is an integral part of the financial ecosystem for banks and other players, although they have been slow to embrace newer forms of technology. Bank of Ireland Head of Innovation David Tighe wants to change that, as the bank recently conducted a blockchain technology trial in collaboration with Deloitte.

There are many benefits to embracing this form of technology, as it would make it impossible to alter transactions once they are sent to the distributed ledger network. However, what Bank of Ireland is trying to achieve is a synergy with the existing legacy system, rather than replace it in its entirety with blockchain technology.

David Tighe told the media that:

Related Post

“We see this as the start of a new concept, just like experimenting with TCP/IP in the early days of the internet. It may not end up like this but we see a strong technology that can help with transparency in transactions. Crucially, it has to meet regulatory requirements. It is the underlying technology that fascinates us and it could one day be an efficient way of transacting value between people and at the same time leave a transparent trail of information.”

Although this collaboration with Deloitte was just a mere test of what might be possible in the long run, there is no reason to think no further trials will be taking place. Keeping in mind how this trial leads to the creation of informative browser-based views, the ability of near real-time auditing and enhanced views of trade positions, the technology is quite valuable to established financial players.

The blockchain can and will disrupt the financial ecosystem and infrastructure; that much is certain. A hybrid combination of legacy systems with distributed ledgers could create an interesting concept for the Bank of Ireland at some time, and it opens up a lot of opportunities for the development of new applications and services.

Source: Silicon Republic

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

5 Metaverse Coins Valued Under $100 Million

With metaverse applications being the next big trend in crypto, there are still a lot…

2 hours ago

The Work From Home Revolution Has Arrived

With many employers and employees acknowledging the feasibility of remote work, the possibility of it…

9 hours ago

WAX Price Up 44%, Increased User Adoption Signals Growing Interest in the Platform

WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…

18 hours ago

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

21 hours ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

1 day ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

2 days ago

This website uses cookies.