Deloitte to build Ethereum-based ‘digital bank’ with New York City’s ConsenSys

By May 3, 2016March 14th, 2018Ethereum

Deloitte is leading the ‘Big 4’ in blockchain research Consultancy giant Deloitte has announced plans to create a blockchain-based digital bank with the help of Ethereum-based financial services disruptor, ConsenSys Enterprise.

In addition Deloitte announced a slew of big ticket blockchain partnerships with BlockCypher, Bloq, Loyyal (formerly known as Ribbit.me) and the Stellar Development Foundation.

The project ConsenSys project will be using tools like the uPort identity system, and triple entry accounting system, Balanc3 to offer a digital suit of financial products to fundamentally transform banking, said a statement.

Deloitte, which works with each of the top 30 banks across its member firms globally, and ConsenSys Enterprise, the largest Ethereum-centric blockchain company in the world, uses its blockchain subject matter expertise to accelerate banks looking to transform their processes.

The firms’ collaboration will focus on helping clients reimagine the core banking environment and consulting on how blockchain technologies can improve their traditional financial products and services, including in the lending and savings areas.

By using blockchain technology, the new digital banking framework will allow systems to be developed that can interact more reliably and securely, said the firms. Other areas of focus by the two firms will include creating innovations in the asset management and collateral management space, linking blockchain and Internet of Things to provide real time data and insights on physical assets, as well as extending efforts around digital identity to form the foundation of a new core-banking digital products and financial transactions.

Kishore Atreya, head of consulting and digital banking at ConsenSys Enterprise, said: “We look forward to this collaboration with Deloitte. This provides an opportunity to bring together our ongoing blockchain efforts in digital identity (uPort), triple entry accounting (Balanc3), financial products (E.g. lending, bond market, escrow) and deliver customer centric exponential solutions in financial services.”

Thomas Jankovich, Innovation Leader for Financial […]

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