While the hype around blockchain technology continues to grow, banks and tech companies around the world have started experimenting with the technology to unlock its potential. Latest reports suggest that Bank of Ireland conducted a blockchain trial, in association with Deloitte.

Finextra reported that Bank of Ireland, together with Deloitte, completed a joint proof-of-concept trial which shows how financial institutions can integrate the technology into their existing systems to offer new client experience and regulatory oversight at a lower cost.

David Tighe, head of innovation at Bank of Ireland, explained that trial aimed at demonstrating how blockchain technology can be used by financial institutions consistent with traditional legacy systems, Silicon Republic reported. He added that complete implementation would result in immutable transaction histories, and will also meet EU regulations such as the Markets in Financial Instruments repealing Directive (MiFID II), set to come into force in 2018.

“We are pleased with how our research with Deloitte has progressed to date and we look forward to bringing it to the next stage as we explore how it can be integrated further”, Finextra quoted Tighe.

The trial involved combining data from multiple systems across Bank of Ireland’s Global Markets division and associated functions and creation of an immutable, distributed, searchable repository of information across the full trade cycle. Browser-based views were developed for clients, relationship managers, and regulator, to provide enhanced views of trade position with the ability to conduct near real-time auditing. 

Deloitte provided its expertise in blockchain solution design and development throughout the project.

“The trial demonstrates the disruptive impact that blockchain can have on the financial services industry, and the positive results that this disruption can bring,” Silicon Republic quoted David Dalton, partner and head of Financial Services at Deloitte. “We are excited to have developed this proof of concept with Bank of Ireland, and believe that this can be built upon further to capitalise on the wealth of blockchain technology-based opportunities.”