The financial services and consultancy firm Deloitte is to establish a Blockchain Lab in Dublin, where it will build a team of 50 highly skilled developers and designers over the next 18 months.

Blockchain is the coded technology that underlies the virtual currency Bitcoin but its facility to allow multiple users access secure databases for complex but secure financial transfers, payments and verification processes has significant potential for the banking and financial services industry.

Deloitte, which recently signed partnership deals with five leading blockchain start-up companies aims, through experimentation in the new venture, to create functioning applications for the financial sector across EMEA.

The firm says it had to compete with its counterparts overseas to bring the Lab to Dublin – earlier on Breakfast Business, Vincent Wall asked David Dalton, Head of Financial Services Deloitte Ireland how they had succeeded.

He highlighted the importance of strong financial and technology sectors in the city, which has created a healthy "fintech ecosystem," and also discussed the impact that blockchain technology can have on financial transactions, beyond Bitcoin.