Three of Ireland's Biggest Banks Use Blockchain to Check Staff References

Three of the "Big Four" Irish banks use blockchain technology to check employee credentials.

The Bank of Ireland, AIB and Ulster Bank are using Deloitte's blockchain solution for the pilot initiative, Fora Media reported on Thursday.

The so-called "first of its kind" solution in the financial services sector in Europe, was designed for the help of the Ethereum by Deloitte Financial Services in the EMEA region Blockchain Lab in Dublin to check and track staff identity and qualifications data, according to the report.

Employee IDs will be stored in a digital wallet, which will be used to help banks comply with the regulations of the Central Bank of Ireland regarding compliance with specific standards for executives.

The Institute of Banking in Ireland, which currently holds professional certification data for 23,500 bank employees, is also involved in this project, which is expected to last until the end of the summer. According to the report, a full live launch is expected by mid-2020 for members of the institute.

The verification of identification information based on a string of blocks constitutes a case of increasing use for the technology.

Earlier this year, PwC Financial Services giant launched a similar platform relying on a chain of blocks called Smart Credentials, which allows business employees to receive digital copies of professional qualifications.

The Malaysian Ministry of Education also launched a blockchain platform called e-Scroll for issuing and verifying university degrees. Customs and US border protection have also recently has begun a blockchain test to check the certificates of the North American Free Trade Agreement and the Central American Free Trade Agreement.

The three Irish banks have also tested blockchain technology in other areas. As early as 2016, AIB and Ulster Bank participated in a blockchain payment trial, also organized by Deloitte. The bank of Ireland completed a blockchain test focused on business relations in partnership with Deloitte in 2017.

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