Blockchain Initiative Launched In Ireland To Promote Innovation

Ireland is aiming to become a leading hub for blockchain technology and this is being done through a state body known as IDA Ireland. An initiative branded Blockchain Ireland has been launched with a view of promoting innovation as well as cooperation across firms that work with the technology. There will also be an online platform which will be used in promoting Ireland as the perfect location for businesses in the blockchain technology space.

Though blockchain technology has been most commonly associated with digital currencies, other sectors which are likely to be transformed by the technology include government services, rights management of intellectual property, logistics, energy, finance, insurance and healthcare.The initiative has been made possible by a forum led by IDA Ireland known as Irish Blockchain Expert Group. Other backers of the initiative include Consensys, Enterprise Ireland and Department of Finance.

According to the chief information officer of IDA Ireland, the strategy of the state body has been to identify as well as secure reference projects hailing from leading tech firms. The state body is convinced that blockchain technology possesses huge potential and this has already evoked interest among the client base of IDA Ireland. With the initiative IDA Ireland expects the blockchain sector in the country to be enhanced and the country’s position as center of excellence with regards to blockchain technology across the globe enhanced.

So far a number of startups which are headquartered in Ireland such as Arc-Net, AidTech and Circle have built blockchain technology solutions. Consultancy firm Deloitte has also set up in Dublin a dedicated blockchain lab. Recently also financial services firm Mastercard disclosed that it would be hiring blockchain experts who will be based at its lab in Leopardstown.

In a report that was released three months ago Ireland’s finance department called for the setting up of a blockchain working group meant to ensure that the regulations across government agencies were cohesive. The report noted that between 2012 and 2016 around 6.3% of all the country’s venture capital went to blockchain businesses and this included Irish Dairy Board’s supply chain experiments and digital currency startups.

Additionally the report called on legislators in the country to offer consumers clarity with regards to the protections that are available to them when they are making digital currency transactions. The legislators were also called upon to ensure that entrepreneurs were given a clear regulatory framework in order to secure foreign direct investment pertaining to blockchain projects.