The Bank of Ireland have conducted a blockchain trial for trade reporting. The trial was conducted in conjunction with Deloitte and proved the ability to cut compliance costs whilst increasing transparency.
“The trial combined synthesized data from multiple systems across Bank of Ireland’s Global Markets division and associated functions to form an immutable, distributed, searchable repository of information across the full trade cycle. Browser-based views were developed for clients, Relationship Managers, and Regulators, to provide enhanced views of trade position with the ability to conduct near real-time auditing.”
