Irish banks experiment with shared blockchain following Microsoft and R3CV partnership

Rage Review : After Microsoft and R3CV cooperated, the Bank of Ireland successfully conducted a proof-of-concept shared blockchain experiment, which proved that distributed ledger applications are a usable data layer in the current financial system, which means that blockchain technology can provide better customer experience and regulatory supervision, and is cheaper than the traditional banking system. Financial institutions can choose public or private blockchain technology.

Translation: Nicole

In April 2016, the Bank of Ireland successfully conducted a shared blockchain experiment.

In previous series, we discussed how tech players like Microsoft (MSFT), Red Hat (RHT), and IBM are working to advance blockchain technology.

On April 5, 2016, Bank of Ireland announced that it had successfully completed a joint proof-of-concept blockchain experiment in collaboration with Deloitte. The experiment proved that distributed ledger applications are a usable data layer in the current financial system while maintaining a focus on transaction reporting.

Bank of Ireland notes that blockchain technology can provide a better customer experience and regulatory oversight, and at a lower cost than traditional banking systems. Stephen Moran, innovation manager at Bank of Ireland, said:

“Blockchain technology can be seen as a disruptive technology that can complement the existing legacy systems of banks.”

Financial services recognize the disruptive nature of blockchain technology

Dr. Garrick Hileman

Garrick Hileman, an economic historian at the London School of Economics in Cambridge, UK, said:

“2015 is the year of blockchain in the financial services industry. They clearly see the disruptive potential of blockchain technology and are waiting to see what happens.

These financial institutions can choose between public or private blockchain technology. In January 2016, R3CV revealed that it was developing a private blockchain system that requires permission to use. On the other hand, the Bitcoin blockchain is a public blockchain with an open and transparent database, in which anyone has permission to access the transaction records on the blockchain. As the above chart shows, the number of Bitcoin blockchain users has increased significantly since 2012.

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