Deloitte announced Tuesday a collaboration with five major blockchain firms to offer new technological capabilities to its international financial institution client base.
The company said in a press release it is working on 20 blockchain-related prototypes that encompass a wide range of uses including cross-border payments, digital banking, digital identity, and loyalty and rewards, as well as the investment management and insurance fields.
In the press release, Deloitte outlined what distinct capability or technology these companies can offer to its clients:
- A cloud blockchain provider, BlockCypher allows developers and enterprises to easily produce reliable blockchain applications. The company’s platform runs bitcoin, Ethereum and custom private chains-at-scale.
- Bloq offers enterprise grade blockchain solutions to major companies around the world. Deloitte and Bloq are collaborating on the delivery of blockchain-enabled technology meant to enhance integrity and security, and cut costs in the $1.1-trillion insurance industry.
- ConsenSys is a production studio creating decentralized applications and multiple developer and end-user tools for blockchain ecosystems, concentrating primarily on Ethereum. ConsenSys and Deloitte have partnered with the shared goal of fundamentally revamping banking into true digital enterprises.
- Loyyal is a universal loyalty and rewards platform that employs blockchain and smart contract technology. It brings interoperability to the currently fragmented industry, multi-branded coalitions, program liability management and dynamic issuance/redemption options tailored for every unique relationship.
- Stellar brings together financial institutions, payments systems and individuals so that people can send money to each other in a quick, reliable manner. The Stellar network is built to mitigate friction and reduces fees for micropayments and remittances to make affordable financial services accessible around the world.
“Blockchain is proving to be a major disruptive force in financial services,” said Joe Guastella, a Deloitte principal, in the press release. “The industry prototypes and pilots have shown this, and we continue to focus on helping our clients to make blockchain a reality for their business.”
He said the five partnering companies complement “our deep industry experience and, together, we are harvesting the benefits of blockchain technologies – developing new revenue models, improving cost efficiencies and creating innovative solutions across the globe.”