Former Irish Commissioner Phil Hogan has joined the advisory board of Dublin-based The Proof of Trust & Assurance.

The company provides technology that aims to help businesses validate data and prevent invalid or insecure smart contracts from executing. It says it has designed and patented a disruptive technology “that is set to reshape traditional legal, business, and governmental processes.”

Mr Hogan will provide strategic advice to the company as it continues to roll out its technology.

The Proof of Trust & Assurance said its IBM-backed technology protocol has the power to play a “pivotal role” in the post-Covid-19 recovery by providing a technological solution that reduces friction in international collaboration and promotes global business continuity.

Commenting on his appointment Mr Hogan said: “Decentralised finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions.”

“The Proof of Trust & Assurance offers the first sustainable and scalable bridge to support the mass adoption of decentralised finance products in the real world. Companies like The Proof of Trust & Assurance are the future, and I’m very pleased to be a part of it,” he added.

The Proof of Trust & Assurance says it provides a system of resolution that is extra-judicial and extra-jurisdictional.

Its technology can be integrated into both blockchain-based and legacy technology with enterprise-grade security.

Damien O’Brien, executive chairman and co-founder at The Proof of Trust & Assurance, said Mr Hogan’s international experience “will be invaluable as we continue to forge partnerships around the world.”

"Our protocol has the power to change the way that governments and businesses operate as the global community emerges from the Covid-19 pandemic. We’re all looking forward to working with Phil, alongside our wider advisory board, to achieve those ambitions,” Mr O’Brien added. 

Earlier this week it was revealed that Mr Hogan is embarking on a new career offering business and political advice to anyone engaging with the European Union.

The policy-guiding European Commission on Tuesday of this week cleared Mr Hogan to open his new business – to be called “Hogan Consulting”. The Commissioners cleared Mr Hogan after scrutiny by the Commission’s own ethics committee.