Bank of Ireland Will Use Blockchain to Verify Staff Credentials

It is no longer news that blockchain technology has excellent potential to reach mainstream adoption in several sectors, including finance.

The latest development in that sector is that three notable banks from Ireland — Bank of Ireland, Ulster Bank and AIB — are collaborating with Deloitte and the country’s Institute of Banking on a blockchain-powered education platform for financial service providers.

According to the report today, the platform allows the tracking and verification of educational and regulatory credentials and qualifications, using the blockchain system to secure and manage such information on a decentralized ledger.

The new blockchain platform will allow the banks’ employees access to a digital wallet that will store their credentials, thus making it easier for firms to comply with the Central Bank of Ireland’s regulations regarding qualification standards for senior staff in financial institutions.

The system which is now operational was developed on the Ethereum blockchain by Deloitte’s Dublin-based EMEA blockchain lab, a development hub that creates solutions using blockchain technology.

According to the Chief Executive of the Institute of Banking, Mary O’Dea, her agency currently has over 23, 500 people who hold their credentials with them.

“(It’s) all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry,” she said.

Moving further, the top official revealed that the new platform is still in a pilot phase until the end of the summer. By mid-2020, though, Institute of Banking members will gain access to the full version.

In a similar report regarding banks adopting blockchain technology, Coinfomania reported recently that five banks in Canada implemented a blockchain-supported ID verification system dubbed “Verified.Me.”

The banks believe the integration of Verified.Me will go a long way to adequately secure customers fund.

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