Deloitte Luxembourg recognizes the potential of blockchain technology and its implications that will affect not only global actors but also local institutions in the financial, industrial and public sector. Luxembourg also benefits from supportive government initiatives with regards to Fintech, and these initiatives will likely help facilitate blockchain adoption.

In this regard, Deloitte Luxembourg has teamed up with its Canadian member firm to contribute to the development of Rubix (rubixbydeloitte.com). Rubix is a leading edge Blockchain service created by Deloitte Canada to explore the potentials of the technology and to implement business applications. In phase 1, the primary objective of Rubix is to prototype and create proof of concepts of any kind of Blockchain and smart contracts use cases.
By committing developers to the Rubix platform, Deloitte Luxembourg aims to quickly acquire local competencies to support their clients in operating models impact analysis as well as in development of prototypes and concrete business applications.

For Thibault Chollet, Director at Deloitte Luxembourg, “it is a tremendous opportunity for us to develop strong technical and functional knowledge on a technology that has the power to profoundly reshape the way our clients - and also we - do business. There are a lot of use cases we would like to explore, and with the Rubix platform we will prototype them very quickly. We are going to experience disruptive moments and we are very glad to join our Canadian colleagues in such a vector of change.”

As for the Canadian Member Firm representative Matthew Spoke “Continuously scaling our global firm’s capabilities to develop blockchain technology with meaningful smart contract applications will position Deloitte for continued market leadership. Rubix is the perfect environment and tool to allow for this development and growth. We’re excited to be joined by our Luxembourg colleagues.”

The concept
Blockchain is one area of Fintech that has received considerable attention from the financial industry given the large number of potential applications and its strong potential to remodel the industry.
It is a distributed ledger where transactions between participants are processed and validated by several machines via a cryptographic process and not by one or few central trusted parties.
This means that events or transactions that are recorded on a blockchain are securely stored in a ledger that is accessible to every party and trusted by all without the need for a central trusted entity to ensure the authenticity and integrity of the transactions.
The technology can change the financial industry by enabling disintermediation through greater transparency and tracking of transactions and assets, which will be the basis for further innovation and transformation. Many large companies have already invested in blockchain technology to better understand its impacts on their own business and operating models as well as on the broader industry globally.