Irish Funds and Deloitte Trial Blockchain Proof-of-Concept

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Irish Funds has announced that it is working with industry participants and Deloitte to develop a Blockchain proof of concept for regulatory reporting.

The project, which will focus on the Resident Investment Fund Returns (Money Market & Investment Funds Returns  MMIF) regulation, will result in the design and development of a proof of concept leveraging Blockchain and smart contract technology to create a platform for regulatory reporting accessible to the reporting entity as well as a regulator.

Commenting on the announcement, Irish Funds CEO, Pat Lardner said:

“Regulatory reporting is a key obligation for our members and an area of priority focus for the Central Bank of Ireland in 2017. This project and the development of the proof of concept with Deloitte will benefit industry, the regulator and demonstrates how Ireland is actively embracing FinTech.”

David Dalton, Head of Financial Services at Deloitte Ireland, and sponsor of Deloitte’s EMEA Grid Blockchain Hub commented:

“We are delighted to be working with Irish Funds and their members in demonstrating the value of Blockchain technology in investment management, Blockchain technology has huge potential in financial services to reduce the cost and improve efficiency. This is an important step in bringing this to reality.”

Moreover this proof of concept will test the application of Blockchain for enhanced compliance, increasing transparency and to determine the cost benefit of the technology. The collaborative project sees multiple participants drawn from a number of leading global asset servicing and fund management institutions, including Northern Trust, State Street and Metzler. The project is being developed at Deloitte’s recently opened EMEA Grid Blockchain Lab in Dublin.

Also welcoming the initiative, and its positioning of Ireland at the forefront of Blockchain development, is Keith Fingleton, IDA Ireland and Chairman of the Irish Blockchain Expert Group who said:

“Blockchain is a key disruptive technology that has the potential to revolutionise the funds industry. It is excellent to see Irish Funds taking the lead and developing this proof of concept, which will help prepare their members for the regulatory and technical challenges that lie ahead”.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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