Deloitte revealed that it is setting up a new European blockchain technology lab in Dublin, Ireland which is expected to employ team of 50 developers and designers when fully operational.

The launch of the EMEA Financial Services Blockchain Lab in Dublin can speed up payments and transfer clearances, settlements and reconciliations. The company said that, the team which is expected to be built in next 18 months will focus on developing proof-of-concepts into functioning prototypes that can become 'ready to integrate' offerings for financial services clients.

“Blockchain technology is disrupting the financial services industry for the better when it comes to transparency, efficiency and improving trust,” said David Dalton, head of financial services at Deloitte Ireland.

Deloitte, earlier this month said that it is working with five prominent blockchain companies - BlockCypher, Bloq, ConsenSys, Loyyal and the Stellar Development Foundation. The company revealed that it will provide new technological capabilities to its global financial institution client base.
  
Dalton said that, “There is significant demand from clients who are looking to use blockchain to speed up payments and transfer clearances, settlements, reconciliations and digital identity, and many other use cases. By bringing together the best of Deloitte experts and building upon our capabilities, we believe our lab will play a significant role in lifting blockchain use to a new level.”

Deloitte previously has been developing 20 blockchain-related prototypes. These prototypes cover digital identity, digital banking, cross-border payments, and loyalty and rewards etc. and also in the investment management and insurance sectors.