To date, Deloitte, has developed more than 30 blockchain-related prototypes, covering uses such as digital identity, digital banking, cross-border payments, trade finance, and loyalty and rewards solutions, as well as distinct efforts for the investment management and insurance sectors.

Deloitte has opened a blockchain laboratory in Dublin focusing on Europe, the Middle East and Africa, just weeks after the Big Four firm rolled out a similar offering in the heart of Wall Street.

Blockchain technology, a virtual distributed ledger of transactions shared peer-to-peer, can record ownership across a public network of computers rendered tamper-proof by advanced cryptography. It is already known as the platform for the controversial digital currency bitcoin. The nascent technology is causing a stir within the financial services sector as its supporters believe it could reduce hidden expenses in the financial system by ousting inefficiencies across areas such as payments, syndicated loans and equity clearing. 

Located in the so-called Silicon Docks district, the “bespoke designed” lab marks the latest link in Deloitte's chain of financial technology labs worldwide. The company's Irish arm established its first blockchain lab in May last year and the Dublin-based team will now move from Deloitte's Ireland headquarters to the new premises, Deloitte said in a statement. In 2017, the team is expected to grow from 25 to 50 members. 

Deloitte's latest project builds on its broader digital innovation efforts, titled Grid by Deloitte, which constitutes a network of labs around the world, among other initiatives. The new lab is reportedly neighboured by Google and Facebook. 

“We are still at the early stages of the adoption of blockchain technology. But it is becoming increasingly clear that this technology is transforming the infrastructure underpinning financial services and other industries. It is bringing dramatic improvements in efficiency and customer experience,” said David Dalton, financial services partner at Deloitte. 

In a recent survey of “blockchain-knowledgable executives” conducted by Deloitte, just 12 per cent of respondents said their company has deployed blockchain in production. However, they are seeking to pick up the pace; 24 per cent said their companies plan to go live with blockchain-based efforts in the coming year. 

In a recent report, Accenture said that blockchain technology could axe infrastructure costs for eight of the world's 10 largest investment banks by an average of 30 per cent, signalling possible savings for the wealth management arms of these institutions.