Bank of Ireland and Deloitte conduct live audit test on blockchain

Irish Global Markets Bank, one of the “big four banks” in Ireland, recently completed a blockchain experiment for trade reporting.

The Bank of Ireland has partnered with professional services firm Deloitte to use blockchain as a tool to give clients a clear and transparent view of their transactions. The trial, which is being conducted under the legal framework, shows that the project can reduce tax enforcement costs while increasing transparency.

The bank obtained some data from an internal testing system, explaining in a press release:

The trial combines comprehensive data from multiple systems across the Bank of Ireland's Global Markets division to form an immutable, distributed, searchable repository of information across the entire trade lifecycle. The web page view was developed for clients, relationship managers and regulators to provide near real-time auditing of increased page views.

Bank of Ireland said Deloitte conducted development scheduling tests on an unnamed "fully open source platform".

David Tighe

David Tighe, the bank’s head of innovation, said in a statement:

“Ireland is continually looking at how to improve the customer experience through technology and innovation, while also ensuring that regulatory requirements brought in from Europe are also changed under a systematic process.”

From : Pencil