Deloitte announced yesterday that it is working with five prominent blockchain companies – BlockCypher, Bloq, ConsenSys, Loyyal and the Stellar Development Foundation – to provide new technological capabilities to its global financial institution customer base.
Deloitte says that it is developing 20 blockchain-related prototypes that cover various uses including digital identity, digital banking, cross-border payments, and loyalty and rewards, as well as in the investment management and insurance sectors.
Joe Guastella, a principal with Deloitte Consulting LLP, and U.S. and global leader of the financial services practice, commented about the expansion:
“Blockchain is proving to be a major disruptive force in financial services. The industry prototypes and pilots have shown this, and we continue to focus on helping our clients to make blockchain a reality for their businesses.”
Regarding the partnerships, Guastella added:
“These five blockchain companies are collaborating with Deloitte’s teams not just in the U.S., but across key geographies as well. Each complements 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.”Deloitte’s approach involves collaborating with its clients from idea stage through to the end commercialization, serving as the consultancy version of an incubator. As part of that process, Deloitte works with clients to rapidly build and test ideas, leveraging the latest solutions from its fintech ecosystem and integrating them into complex client environments. Overall, Deloitte brings a broad set of services including strategy, technology, talent, operations, risk, compliance, accounting and tax to transform these ideas into meaningful results.
According to the professional services firm, its collaborative approach with its clients from idea stage through to the end commercialization, serving as the consultancy version of an incubator. Moreover, each blockchain tech partner can contribute a distinct capability or technology to Deloitte’s clients:
- BlockCypher is a cloud blockchain provider. It enables developers and
enterprises to easily build reliable blockchain applications.
BlockCypher’s platform runs Ethereum, Bitcoin and custom private chains
- Bloq provides enterprise grade blockchain solutions to leading companies
worldwide. Deloitte and Bloq are working together to deliver
blockchain-enabled technology designed to improve integrity and
security, and reduce costs in the $1.1 trillion insurance industry.
- ConsenSys is a production studio building decentralized applications and
various developer and end-user tools for blockchain ecosystems, focusing
primarily on Ethereum. Deloitte and ConsenSys have joined forces with
the common purpose of fundamentally transforming banking into true
- Loyyal is a universal loyalty and rewards platform using blockchain and
smart contract technology. It is designed to introduce interoperability to the
currently fragmented industry, multi-branded coalitions, program
liability management and dynamic issuance/redemption options customized
for each unique relationship.
- Stellar.org connects financial institutions, payments systems, and
people so that anyone can send money to anyone else quickly and
reliably. The Stellar network is designed to reduce friction and fees
for micropayments and remittances to make affordable financial services
accessible to the world.
Guastella made the announcement of these agreements at CoinDesk’s Consensus 2016 conference on Tuesday.