Banks and Tech companies are pairing up for new blockchain based credential verification. Banks such as Bank of Ireland, AIB, Ulster Bank, and companies like Deloitte are associating with the new initiative, Minister for Finance Paschal Donohoe. It will help to support the verification, tracking, and management of regulatory and other professional qualifications. Another intention of this blockchain platform is to reduce operational and regulatory risks and costs associated with ensuring compliance with the Central Bank of Ireland regulations for financial institutions.