By Rob Starr, Big4.com Content Manager
Deloitte is building a blockchain solution on Wall Street. The company’s new lab in NYC will include a team of over 20 blockchain developers and designers, and plans to focus on developing strategic capabilities and proofs of concept, molding each into functioning prototypes.
Eric Piscini, a principal with Deloitte Consulting LLP, leads the consultancy’s digital transformation and innovation efforts in the financial services industry. He started our conversation telling us what was behind the decision to base the new facility in NYC and why financial institutions implementing blockchain will need to move away from churning out proofs of concept and begin producing and implementing solutions.
“We thought about the west coast but at the end of the day, a majority of our clients are in financial services so New York made a lot of sense,” he said adding that many of the technology companies Deloitte was partnering with were also here.
The total of Deloitte’s blockchain team has upwards of 800 professionals spread out across 20 countries. Deloitte has developed over 30 blockchain-related prototypes, which cover everything from digital identity and digital banking to cross-border payments, trade finance, and loyalty and rewards solutions.
This project comes under the bigger umbrella of Deloitte’s digital transformation efforts called “Grid by Deloitte.” The company expects to announce more formal labs this year.
Piscini stresses that one of defining characteristics of broadchain ledgers is the fact that are immutable in that you can add to them, but not change what’s there or remove it.
“That is extremely important in a lot of business scenarios,” he says. “If I record a transaction on the broadchain and I know for sure that no one is going to be able to modify it, that’s a big deal that changes the notion of trust. This is a trusted mechanism without the need to trust a third party.”
He added that because the technology hasn’t been adopted widely as yet, 2017 could very well be the make-or-break year for this shared utility that presents a ledger for transactions.