Blockchain has gained another significant backer in the European financial industry today after Deloitte revealed it will be opening a specially focused centre for the technology.
Based in Dublin, the EMEA Financial Services Blockchain Lab will form part of Deloitte’s fintech initiative ‘The Grid’, with the company looking to bring around 50 staff on board.
The launch and backing of a large entity like Deloitte should help push blockchain, which is the backhaul technology behind online transactions using cryptocurrencies such as Bitcoin, further into the public consciousness.
The team will also develop proof-of-concepts into functioning prototypes to create “ready to integrate” solutions for the firm’s financial services clients, and work with leading technology companies that are looking to roll out blockchain-enabled solutions across different countries, giving more businesses access to the technology than ever before.
“Blockchain technology is disrupting the financial services industry for the better when it comes to transparency, efficiency and improving trust,” said David Dalton, head of financial services at Deloitte Ireland.
“There is significant demand from clients who are looking to use blockchain to speed up payments and transfer clearances, settlements, reconciliations and digital identity, and many other use cases. By bringing together the best of Deloitte experts and building upon our capabilities, we believe our lab will play a significant role in lifting blockchain use to a new level.”
Support for blockchain technology has been growing quickly across the UK in recent years, as an increasing number of businesses look to harness its potential to provide smoother and more secure online transactions.
Last month, the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.
This is despite the Bank of England raising its suspicions about Bitcoin last year, warning that the digital currency could pose a threat to financial stability in the UK should it see widespread adoption.
What do you know about Bitcoin? Take our quiz!
Targetting AWS, Microsoft? British competition regulator soon to announce “behavioural” remedies for cloud sector
Move to Elon Musk rival. Former senior executive at X joins Sam Altman's venture formerly…
Bitcoin price rises towards $100,000, amid investor optimism of friendlier US regulatory landscape under Donald…
Judge Kaplan praises former FTX CTO Gary Wang for his co-operation against Sam Bankman-Fried during…
Explore the future of work with the Silicon In Focus Podcast. Discover how AI is…
Executive hits out at the DoJ's “staggering proposal” to force Google to sell off its…