In an attempt to maintain the regulatory standards of the Central bank of Ireland, three of the “Big Four” banks are collaborating on a new education-based blockchain platform aimed to validate their employee credentials. The announcement was made during Blockchain Ireland week, hosted by government agencies and tech firms.
As reported by Irish Times, AIB, Bank of Ireland and Ulster Bank are teaming up with accounting firm Deloitte. The platform was built on the Ethereum blockchain by Deloitte’s EMEA Blockchain Lab which is based in Dublin.
Minister of Finance Pascal Donohoe said:
“[The Government] fully supports the development and adoption of new technologies like blockchain, as a way to encourage digitalization and foster innovation.”
All the employees of the banks will be provided with digital wallets which will contain their credentials. This will help them in conforming to the regulations of the Central bank of Ireland for maintaining a certain degree of standard when it comes to senior employees.
Mary O’Dea, Chief Executive of the Institute of Banking, said:
“(It’s) all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry,”
Ireland’s Institute of Banking comprises 23,500 employees, and the project is expected to run till the mid-2020s. The use of blockchain-based technology for verification of qualifications and credentials is experiencing growing popularity.
In another instance, the United States Securities and Exchange Commission took to Blockchain to set up a better verification model to evaluate the government department. In 2018, the Malaysian education ministry developed a blockchain-based platform to eliminate all kinds of fraudulent degrees. Similarly, back in 2017, the Massachusetts Institute of Technology (MIT) issued Blockchain based digital certificates to implement verification of these certificates by potential employers and other parties.
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