Deloitte, one of the biggest professional services companies in the world, opened its first blockchain lab at its offices in Ireland two years ago and now it appears to be ready to start using the new technology.
As a multi-national company with an extensive client base and now with its own teams of blockchain developers, Deloitte, like IBM and others, could have a first mover on being able to bring blockchain into the real world.
The Deloitte EMEA Blockchain Lab in Ireland opened in 2016, and the billion-dollar firm now has two more; one in Hong Kong and one in New York. The Irish lab includes technologists who focus on design and development, as well as strategists who work with clients on blockchain adoption and implementation.
The Irish lab is a centre of excellence for Deloitte and David Dalton, consulting partner and financial services lead at Deloitte said: “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.”
These solutions are primarily in payments and remittances, as well as supply chains, where blockchain is being tested ro identify the secure ways in which it can confirm and share information pertaining to transactions and trades.
Deloitte admits it has faced some issues, primarily with getting industry stakeholders to work together — to decide governance and to turn ideas into reality. Anthony Day, Deloitte CEO said: “The technology is really only 20 percent of the problem; the other 80 percent is getting a multidisciplinary group together.” He also added: “Taking blockchain live is more than just the technology. You are actually creating real transformation; you are creating entirely new ecosystems or processes that didn’t exist before.”
Essentially, what is needed is ‘buy-in’ along the entire value chain. That is the challenge to be resolved in both commercial and consumer spheres.