Deloitte has made a lot of investment in blockchain. This post discusses all the investments that Deloitte has made in 2017. Deloitte’s blockchain team stands at about 800 professionals working in 20 countries. Some of that team was built out in 2017.
#1 – New York City Blockchain Lab (January 2017)
Deloitte opened their Americas blockchain lab in New York City in January of 2017. The location of the blockchain lab will be at 140 Broadway in New York City. This is in downtown New York City. This is the second formal blockchain lab for Deloitte.
There will be a dedicated team of more than 20 blockchain developers and designers in this New York lab. They will be focusing on developing strategic blockchain capabilities and proofs of concept into functioning prototypes. The team will work alongside other specialists in the world to come up with their solutions.
The primary focus of the New York blockchain team will be to build solutions for Deloitte’s financial services clients. Deloitte currently has 30 blockchain related prototypes at the time of the New York lab’s opening.
#2 – Deloitte also launched a Blockchain lab in Dublin Ireland (January 2017)
Deloitte announced in January of 2017 that they will open a new blockchain lab in Dublin, Ireland. The lab will be located in Dublin’s silicon docks district. The reason they are called the silicon docks is because big tech giants like google and facebook are already located there.
The focus of this blockchain lab is to help financial services clients in Europe and the Middle East. The lab will be staffed by 25 people. Deloitte also said that they hope to have a total of 50 blockchain exclusive engineers by the end of 2017.
#3 – Deloitte added a Mercury blockchain prototype (May 2017)
Deloitte Mercury is a solution that was unveiled in May 2017. The solution was made specifically as a trade finance solution. Deloitte is working with the Hong Kong Monetary Authority on this solution. It will leverage Blockchain technology to drive efficiencies, reduce cost and open up new opportunities in the trade finance industry. It is supposed to digitize paper-intensive processes by utilizing smart contracts that have made blockchain famous. There were 5 large trade finance banks that were also central in helping Deloitte come up with this prototype.
#4 – Deloitte Luxembourg developed a blockchain solution to perform customer onboarding (May 2017)
In May of 2017, Deloitte Luxembourg announced a new blockchain solution called KYCstart for their financial services clients. It helps financial services clients with their customer onboarding process. KYCstart creates digital identities for new customers that can be used across multiple platforms.
This will help many financial service companies because large financial institutions have to deal with Know-Your-Customer provisions and that can be a lengthy process. That lengthy process involves a lot of paperwork and data storage. The blockchain can digitize that process and make it more efficient.
#5 – Waves partners with Deloitte on tokenization (August 2017)
In August of 2017, it was announced that Deloitte would partner with Waves on their blockchain platform. Waves provides a self-regulatory body that will provide regulatory, legal, tax, accounting and Know your counterparty solution to clients to around initial coin offerings and blockchain solutions.
Deloitte likely will use the Waves platform as they use cryptocurrencies in their blockchain solutions for their clients. Deloitte can help clients get a peace of mind by saying they have a platform that will conduct the due diligence on blockchain tokenization.
#6 – Deloitte partners with DNV GL to use blockchain to advance certification industry (September 2017)
In September of 2017, Deloitte partnered with DNV GL to issue certificates for offshore structures and ships. The solution was created in Deloitte’s EMEA blockchain lab. These certificates are used to certify that that ships and offshore structures are safe and meet certain environmental standards. Unfortunately, they can be easily forged. Now that they can be verified in a distributed ledger on a blockchain, there is hope that this fraud can be reduced. This is one of the first instances of Deloitte coming up with a blockchain outside of the financial services arena.
#7 – Deloitte publishes six principles for blockchain (October 2017)
In October 2017, Deloitte published a comprehensive guide that established 6 principles for creating a blockchain. This was published by the Deloitte EMEA blockchain lab in collaboration with Deloitte Hong Kong and Deloitte US
Those six principles were
- Best practice – standards for blockchain development
- Interoperability and system integration controls
- Audit Rules
- Cybersecurity Controls
- Enhancement of Traditional ICT Controls
- Business Continuity Planning