As blockchain continues to mature, a growing number of companies are working on using the technology’s potential to revolutionize their industries and solve real-world problems. One of these firms is Deloitte who hopes to achieve this through the initiatives of its EMEA Blockchain Lab in Dublin, Ireland.
Deloitte is a leading company in the blockchain movement and is now developing blockchain solutions to meet the present and future needs of its enterprise clients. The consulting firm established a blockchain Lab in 2016 with the goals to advise clients on ways to integrate distributed ledger technology into their business processes.
Blockchain to provide trust
The blockchain holds the promise to transform different industries by allowing companies to enhance transparency and trust in their business operations as well as to disintermediate their value chain. In the financial industry, for instance, blockchain offers could help banks and financial service providers reduce costs on cross-border transactions, security trading and regulatory compliance. Distributed ledgers can also help shorten the time to complete cross-border payments, increase transparency in international trade and supply chain globally.
Antonio Senatore, Chief Technology Officer of Deloitte EMEA Blockchain Lab explained that organizations are looking to leverage blockchain in order to provide trust in transactions. This is especially true for payment and remittance providers as well as supply chain companies that are widely piloting blockchain solutions to add security to transactions and trades and to enable safe data-sharing.
Deloitte EMEA Blockchain Lab helping with adoption
Deloitte’s EMEA Blockchain Lab has experts and tools to help blockchain startups prepare for an ICOs and traditional businesses implement blockchain strategies, including design, development and blockchain adoption. The lab, which is a center for excellence, focuses on helping clients with everything they need, including idea creation, testing, and building infrastructure, design, development, and deployment.
David Dayton, consulting partner and financial services lead at Deloitte noted that the lab provides end-to-end support for its clients:
“We have all of the support you would expect in a lab. We have the R&D, we have the thought leadership, we also speak a lot and build awareness around it. But the core of what we do is work with building clients’ real-world solutions on blockchain technology.”
Getting the support of stakeholder is a major problem
Deloitte EMEA Blockchain Lab COO Antony Day explained that for blockchain benefits to be fully realized in any industry, the cooperation of stakeholders is required. Day says that 20 percent of the problem is related to the technology, the other 80 percent is getting a multidisciplinary group together.
Apart from the Dublin center, Deloitte also has blockchain labs in Hong Kong and New York. Early this month, Deloitte struck a deal with Risk Block Alliance to help the insurance blockchain consortium expand into Canada. Deloitte is also one of the “Big Four” accounting firms working towards legal mechanisms for regulating ICO projects, something legal experts say is desperately needed in order to spark mass adoption of blockchain driven solutions.