The number of use cases for blockchain technology is gradually becoming uncountable with many private and public firms, especially financial institutions, continually seeking out new ways to use it to improve their businesses.
Three of Ireland’s Big Four Banks — Bank of Ireland, Ulster and AIB — has reportedly started a pilot program that involves the use of a blockchain-based solution built on Ethereum by Deloitte to verify staff credentials.
According to a report by Fora, the new platform allows these institutions to verify and track educational and regulatory qualifications of employees with the blockchain providing the needed security and decentralization features.
Alongside the institutions, employees will also have access to a digital wallet that contains their credentials, making it easy for prospective employers to comply with the Bank of Ireland standards for senior staff.
Interestingly, the Ireland Institute of Banking, which currently holds over 23,500 employee data, is involved in the project. The organization’s Chief Executive Mary O’Dea afterward, explained what goal the new initiative hopes to accomplish. She said,
“(It’s) all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry.”
The report conclusively acknowledged that the new pilot project is the first of its kind for the European financial services industry. The involved parties target mid-2020 for a full rollout of the platform to other financial institutions under the umbrella of the Institute of Banking.
As we mentioned earlier, different institutions, especially banks, are finding different use cases for blockchain technology. We reported yesterday that the Central Bank of the Bahamas is planning the issuance of a new digital currency based on blockchain technology.
More recently, Shinhan Bank, the oldest bank in Korea, adopted the cutting-edge invention to improve its loan verification process.