Irish Banking Industry Announces Blockchain Education Platform
Blockchain technologies, which store blocks of information that are distributed across a network, are seen as a major breakthrough as they bring about high levels of traceability and security in economic transactions online.
While most commonly associated to date with cryptocurrencies, they are expected to affect digital services and transform business models in a wide range of areas, including healthcare, insurance, finance, energy, logistics, intellectual property rights management and government services.
The Irish banking industry has been working together with software vendors on a new education platform based on blockchain technology that’s goal is to reduce operational and regulatory risk in the sector.
The new software will be used for supporting verification, tracking, and management of regulatory and other professional qualifications. It is planned to reduce operational and regulatory risks and related costs with compliance with the Central Bank of Ireland’s Minimum Competency Code (MCC) and Fitness and Probity regimes for financial institutions.