Ireland’s top banks now verify staff credentials via blockchain

blockchain

The adoption of the blockchain technology, the software powering cryptocurrencies such as Bitcoin and Ethereum has now received wider applications.

Four of Ireland’s biggest banks namely- Bank of Ireland, AIB and Ulster Bank are using a blockchain solution from Deloitte’s blockchain unit to verify certificates and credentials of their staff. The importance of the verification system speeds up confirmation, compliance and risk management in hiring for the banking industry.

The technology was a brainchild of Deloitte’s EMEA Financial Services Blockchain Lab. PwC has also launched its own blockchain platform called Smart Credentials- it gives candidates digital copies of their certificates

In summary, blockchain is an open ledger system powering decentralized applications that allows transactions or connections within a network to be open and confirmed with computers within the network.

The project is somewhat made possible because Ireland’s Institute of Banking has all the credentials of its over 23,000 members. Running on the Ethereum blockchain, a cryptocurrency network that powers smart contracts, each employee’s credentials are being stored in wallets. It can then be verified in real time.

Despite the typical scare-mongering and risk associated with digital currencies, blockchain, its core technology has been adjudged to be very valuable in powering computer applications, smart contracts and even in automation and property ownership/verification.

So for instance in property ownership- using the Ethereum smart contract blockchain, the government can build applications that track ownership and transfer of property in real time, cutting away bureaucracies, disputes and speeding up the ease of doing business.

In the shipping industry, blockchain has also seen major use cases. Earlier this week, Maersk and IBM announced they have signed up CMA CGM and other shipping giants for its shipping blockchain platform called TradeLens.

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