By
Godfrey Benjamin
April 12th, 2024
The launch of Deloitte Lab seems to be a part of a global initiative aimed at employment of the blockchain in a variety of sectors.
Deloitte is launching new EMEA Financial Services Blockchain Lab in Dublin with 50 work positions. The new laboratory will be a part of Deloitte’s fintech initiative ‘The Grid’ aimed at promotion of innovative trends affecting the financial services industry. The team at Deloitte Lab will be working in cooperation with specialist teams in other member firms such as the London-based UK blockchain team to develop blockchain capabilities and create “ready to integrate” solutions for financial services clients. It hasn’t been long since Deloitte unveiled five promising partnerships with world’s leading blockchain technology companies as part of its global blockchain delivery initiative. Deloitte sees its new Lab as EMEA center of excellence in blockchain.
Blockchain is a unique technology that enables tracking and recording digital transactions without the need for a central database. Thus, businesses get less vulnerable to online fraud.
David Dalton, head of financial services at Deloitte Ireland, and co-lead partner of the blockchain lab, said: “Blockchain technology is disrupting the financial services industry for the better when it comes to transparency, efficiency and improving trust. 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.”
Blockchain to transform financial sector
Financial sector now feels pressure to keep up with the times and foresees serious changes as regulation and technology innovations force established organizations to change their operating models. New technologies are tested to improve the habitual services, reduce costs and increase agility. Blockchain is considered to be one of those very technologies that can really solve problems and update services. No wonder that such banks as Barclays, HSBC and JP Morgan are testing it now. However, financial institutions should overcome the burden of legacy systems that restrict how quickly institutions can react to challengers that threaten the market dominance that they have long held.
Deloitte sees the potential of the blockchain not only in financial sector. It is also developing 20 blockchain-related prototypes in a variety of areas such as digital identity, digital banking, loyalty and rewards, and cross-border payments. Deloitte is developing prototypes for the investment management space and insurance sectors as well.
Deloitte announces its intention to increase the presence of the company in Northern Ireland. It is going to grow its workforce to 1,000 staff members in Belfast by 2020. The plan is a part of a £30m investment package to increase the local workforce. If the initiative is a success, it will make Belfast office the largest Deloitte office outside of London.