Irish banks pilot blockchain for professional credentials

Irish banks pilot blockchain for professional credentials

AIB, Bank of Ireland and Ulster Bank are piloting a blockchain platform to track and manage employee education and regulatory qualifications.

Developed in collaboration with the Institute of Banking (IoB) and Deloitte, the platform will support the verification, tracking, direct access to, and management of, regulatory and other professional designations, education qualifications and lifelong learning credentials.

Employees will be issued with a digital wallet containing all their professional qualifications, which can be shared among competent authorities on a permissioned ledger for verification purposes.

Colin Hunt, CEO of AIB remarks: “The largest value in a blockchain solution is derived from using the network and achieving this through an industry platform is very attractive. This is a great story for banking innovation in Ireland but also to enable our employees and those in the sector to progress their career aspirations and ambitions.”

The project emerged from a Bank of Ireland innovation programme. It taps an ethereum blockchain built by Deloitte’s Emea blockchain lab

The pilot phase is expected to be completed in the late summer, with the roll out of the system to the IoB's 23,500 members expected by summer 2020.
Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (0)

Featured Job
All Jobs »
Reading, UK

Product Manager, Open Banking Payment Solutions (Reading, UK)

Guide: to £85K base + bonus + benefits

15 May