Accounting giant Deloitte announced that it has opened a client-centric blockchain lab in New York’s Wall Street district. The lab intends to have an increased focus on the nascent technology in what it calls as ‘make-or-break’ year, 2017.

The lab will be staffed by over 20 developers and designers, who will work as a part of a broader strategic investment around digital transformation and innovation efforts called ‘Grid by Deloitte,’ in the financial services space.

“Financial institutions have the power and ability to move blockchain to the next level. To get there, companies will need to move away from churning out proofs of concept and begin producing and implementing solutions. That's a big part of the goal with Deloitte's blockchain lab,” Eric Piscini, principal with Deloitte Consulting LLP, who leads the consultancy's digital transformation and innovation efforts, said.

The blockchain lab in the Americas will focus on developing strategic blockchain capabilities and proofs-of-concept into the functioning prototypes in order to create ‘ready-to-integrate’ solutions for Deloitte’s clients in the financial services industry. Along with specialists’ teams from worldwide, the lab will work with Deloitte’s network of more than a dozen preferred technology companies.

The New York blockchain lab will be working with other industries as well to provide blockchain technologies' ability to create opportunities across all sectors of the economy.

In May last year, Deloitte established its first blockchain lab in Dublin, Ireland, making the New York lab as the second hub. The big four company has planned to implement a number of formal labs across worldwide and expects to announce the launches in 2017.

The Deloitte’s blockchain team has more than 800 professionals in 20 countries that work with international organizations to roll out blockchain-enabled solutions. Deloitte has developed more than 30 blockchain-related prototypes with its uses as digital identity, digital banking, cross-border payments, trade finance, among others.