Three of The Biggest Banks In Ireland Using Blockchain Technology For Verifying Staff Credentials

Ireland has been one of the leading European nations in terms of blockchain innovation. It is often touted as the blockchain capital of the European Union. Various aspects of the distributed ledger have been implemented in the Irish land, especially since the talks on Brexit began a couple of years ago.

As per recent reports, three of the “Big Four” banks in Ireland are using blockchain technology to verify the credentials of their staff. These three banks are the Bank of Ireland, AIB, and Ulster Bank, and they are using a unique blockchain verification system created by Deloitte. The platform verified and tracks the educational and regulatory credentials through a DLT based solution, and manages the information on a decentralized ledger.

The blockchain based solution for staff verification was innovated by Deloitte’s Dublin based EMEA Financial Services Blockchain Lab. For verification, employees are required to store their credentials in digital wallets. This helps the banks to comply with the regulations laid down by the Central Bank of Ireland, regarding the specific standards for higher level staffing.

The banking industry is one of the major traditional sectors which are leading blockchain adoption. For instance, global banking giant HSBC used the innovative tech to execute forex transactions worth over $250 billion in 2018. Also, the most number of blockchain patents in the world are registered by Bank of America, the leading bank in the United States. Therefore, it was expected that blockchain would soon grip Banking in Europe, and Ireland seems to be the beginning.

Identity verification is one of the highly used blockchain solutions. The DLT based identification has been adopted in various organizations, including BFSIs, NBFCs, educational institutions, Cross-border trade patrolling, etc.