Category Archives: Bank Of Ireland

Auto Added by WPeMatico

Top Irish Banks Take to Blockchain to Validate Employee Credentials

Ireland's 3 major banks incorporate Blockchain to verify employees' credentials

In an attempt to maintain the regulatory standards of the Central bank of Ireland, three of the “Big Four” banks are collaborating on a new education-based blockchain platform aimed to validate their employee credentials. The announcement was made during Blockchain Ireland week, hosted by government agencies and tech firms.

As reported by Irish Times, AIB, Bank of Ireland and Ulster Bank are teaming up with accounting firm Deloitte. The platform was built on the Ethereum blockchain by Deloitte’s EMEA Blockchain Lab which is based in Dublin.

Minister of Finance Pascal Donohoe said:

“[The Government] fully supports the development and adoption of new technologies like blockchain, as a way to encourage digitalization and foster innovation.”

All the employees of the banks will be provided with digital wallets which will contain their credentials. This will help them in conforming to the regulations of the Central bank of Ireland for maintaining a certain degree of standard when it comes to senior employees.

Mary O’Dea, Chief Executive of the Institute of Banking, said:

“(It’s) all about sustaining the highest professional standards for the benefit of the customers who are served by the financial services industry,”

Ireland’s Institute of Banking comprises 23,500 employees, and the project is expected to run till the mid-2020s.  The use of blockchain-based technology for verification of qualifications and credentials is experiencing growing popularity.

In another instance, the United States Securities and Exchange Commission took to Blockchain to set up a better verification model to evaluate the government department. In 2018, the Malaysian education ministry developed a blockchain-based platform to eliminate all kinds of fraudulent degrees. Similarly, back in 2017, the Massachusetts Institute of Technology (MIT) issued Blockchain based digital certificates to implement verification of these certificates by potential employers and other parties.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Top Irish Banks Take to Blockchain to Validate Employee Credentials appeared first on BitcoinNews.com.

Coinbase Continues Expansion with Eyes on Irish Republic

San Francisco-based cryptocurrency giant Coinbase has revealed that it is considering the Irish Republic as its next push to expand local markets around the globe.

Dublin has been cited as the exchange’s next target and to that end has already begun an employment drive in the city taking on customer support analysts, a compliance officer and an office manager.

The Irish state development agency, IDA, is currently supporting the Coinbase plan for the capital. This support is in keeping with IDA statements earlier this year which were very supportive of cryptocurrency.

The state body, IDA Ireland, is the agency responsible for the attraction and development of foreign direct investment in Ireland. Its new initiative, established by the Irish Blockchain Expert Group, an IDA Ireland-led forum, has been set up to involve Irish companies working with blockchain technology towards innovation and promotion of the republic.

Ireland currently has a very forward-thinking approach to blockchain technology. Recently, National University of Ireland (NUI) authors of a study on the adoption of blockchain approached the government to promote a more widespread use of the technology in the country.

Both IDA and Coinbase have declined to comment on the move, although it appears Coinbase has a clear strategy for Dublin, incorporating the local Coinbase Ireland Limited recently and installing four directors from the US-based parent company. However, an IDA spokesman commented recently before the move, that:

“We regard blockchain as an area with huge potential and we are seeing great interest among IDA Ireland’s client base. This initiative will enhance the blockchain industry in Ireland and our position as a global blockchain centre of excellence.”

It appears that IDA also sees the potential of extending this initiative to major players in the cryptocurrency sector, not a view shared by some of the country’s major banks. The Irish co-founder of Eircoin complained recently that he feels that the Banking and Payments Federation of Ireland (BPFI) is discriminating against crypto-related accounts.

He praised IDA for their work on promoting cryptocurrency in Ireland while pointing an accusing finger at the BPFI and their continued accusations of the misuse of Bitcoin, which he suggested reeked of “regulatory capture”. He said it suggested that if Bitcoin sellers were involved in terrorist financing, the law would intervene, accusing banks of intervening where they did not belong.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Coinbase Continues Expansion with Eyes on Irish Republic appeared first on BitcoinNews.com.