Professional services and consulting firm Deloitte has launched a new blockchain research and development lab in New York.

The new lab will be staffed by more than 20 blockchain developers and designers, who will work on building blockchain capabilities and proofs of concept into functioning prototypes and develop ready-to-integrate solutions for financial services clients.

The lab will work with specialist teams from other countries as well as with Deloitte's network of preferred technology companies. It will focus on projects for financial institutions but will also work with other industries.

Deloitte Consulting principal Eric Piscini said: "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."

Deloitte opened its first blockchain lab in Dublin, Ireland, in May 2016. It expects to unveil additional formal labs in 2017.