Deloitte has said it will build a team of 50 people within 18 months in Dublin that will comprise blockchain developers and designers.
Blockchain technology, which consists of “blocks” of data in a digital ledger, powers the crypto-currency Bitcoin.
It is thought to be highly resistant to malicious tampering and the potential for the technology to provide secure storage and distribution solutions is already seen to have far-reaching implications for the financial services industry. Experts, however, believe it could transform how business is done across several sectors.
In efforts to promote greater transparency, the ledger also creates a single shared view of the blocks, which every participant in the network can access simultaneously.
The creation of the EMEA Financial Services Blockchain Lab is part of the Big Four firm’s FinTech initiative named The Grid.
“We are proud that Ireland has been chosen as the location for this lab. Not only was the strength, expertise and proven capability of the Deloitte Ireland blockchain team recognised, but the proximity to the headquarters of many global technology companies, our strong focus on innovation and R&D, and the support from governmental institutions, academia, and the local FinTech industry were all key factors in securing this investment,” said Brendan Jennings, managing partner, Deloitte Ireland.
The major accountancy firms are all investing resource in exploring the possibilities of the new technology, with PwC hiring 15 leading blockchain specialists in January.