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Deloitte to develop fintech in Irish 'lab', 50 jobs to be created

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David Dalton, head of financial services, Deloitte and Martin Shanahan, ceo, IDA Ireland, at the offices of Deloitte in Dublin

David Dalton, head of financial services, Deloitte and Martin Shanahan, ceo, IDA Ireland, at the offices of Deloitte in Dublin

David Dalton, head of financial services, Deloitte and Martin Shanahan, ceo, IDA Ireland, at the offices of Deloitte in Dublin

Dublin has been selected to become a base for developing services using new blockchain technologies by Deloitte, the professional services and consulting firm.

Dublin has been selected as the base for the creation of its EMEA Financial Services Blockchain Lab as part of its FinTech initiative 'The Grid'.

Blockchain, or open ledger technology, is a system for permanently storing information on networks of unrelated computers, without a central or organising authority.

It emerged from the development of the Bitcoin cyber-currency, but is now seen as a potentially safe way of recording all kinds of financial transactions.

Crucially, the technology is seen as a proof against fraud, because in theory no single institution can control the blockchain, making it close to impossible to falsify records. Financial firms are scrambling to exploit the technology's potential. Deloitte plans to build a team of 50 people over 18 months in the Dublin centre, including blockchain developers, designers and digital specialists to design client and user interfaces. Some will move to Dublin from other Deloitte offices, while others will be recruited on the ground. The Blockchain lab will work with international organisations looking to roll out blockchain-enabled solutions across different countries, the company said.

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