It is not just R3CEV in the Blockchain and Banking game anymore. Deloitte, in partnership with ConsenSys has announced its entry into the competition. Both the companies will be working on offering blockchain based banking and financial applications.
According to a recent report, the blockchain based banking application will be developed on Ethereum protocol by ConsenSys as an enterprise solution. Among the early adopters of this technology will be the existing banking clients of Deloitte. In addition to the thirty odd banking institutions, other interested parties are also welcome to make use of the solutions offered by the duo.
Deloitte Consulting’s Innovation Leader for Financial Services, Thomas Jankovich while speaking about the new venture says,
“Deloitte is treating digital transformation and innovation in financial services as a global priority and distributed systems technology is proving its potential for us and our clients, … Having previously designed and built digital banking propositions entirely around customers, we understand the importance of service architectures and organizational capabilities needing to be strong, flexible and nimble and blockchain checks all the boxes.”
In addition to the development of blockchain based core banking solutions, Deloitte and ConsenSys will also work together to develop applications for other fields including asset management, collateral management and Internet of Things.
While ConsenSys will be instrumental in the development of blockchain applications, Deloitte will offer ready access to some of the high profile clients interested in using those applications. The Head of Consulting at ConsenSys Enterprise, Kishore Atreya says,
“ConsenSys looks 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 solutions in financial services.”
The powerful partnership between Deloitte and ConsenSys may soon give R3CEV a run for their money, as they both will be competing in the same sector.
Ref: Consultancy.uk | Image: Afr.com