One of Ireland’s “Big Four” banks has recently completed a blockchain trial centered on trade reporting.
The Bank of Ireland used a blockchain as a vehicle for creating visibility into client trading activities, working in partnership with professional services firm Deloitte. Framing the experiment through the lens of regulatory compliance, the Bank of Ireland said that the project showed the potential to cut compliance costs while increasing transparency
The bank pulled data from a number of its internal systems for the test, explaining in a press release:
According to the Bank of Ireland, Deloitte was involved with the development and deployment of the test, which took place on an unnamed “fully open-source platform”.
“Bank of Ireland is constantly investigating how technology and innovation can improve the customer experience, while also ensuring that systems and procedures address changes in regulatory requirements being introduced across Europe,” the bank’s head of innovation, David Tighe, said in a statement.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.