Deloitte has opened a blockchain lab in Dublin to serve its clients in Europe and the Middle East.

The new office will see 25 of the firm’s staff move from its Irish headquarters to the dedicated facility, with another 25 set to be employed there before the end of the year.

Blockchain is an emerging technology that records information – such as the details of a transaction between two parties - in an open and decentralised database. This provides a verifiable record of the information and, as an entry cannot be changed retrospectively, makes it difficult for the data to be manipulated.

“We are still at the early stages of the adoption of blockchain technology,” said David Dalton, Financial Services Partner, Deloitte.

“But it is becoming increasingly clear that this technology is transforming the infrastructure underpinning financial services and other industries. It is bringing dramatic improvements in efficiency and customer experience.”

Deloitte said the new office was part of the company’s global approach to the technology and would see its Irish staff work with other specialist teams around the world.