Skip to main content

Ireland Is Becoming a “Landing Spot” for Blockchain Tech

byMichael Scott

The Republic of Ireland, as it is officially referenced, has a population of 4,757,976 according to the 2016 census. The county’s economy grew a respectable 5.2 percent last year — a rate that exceeded all other euro zone countries and most official forecasts for the third successive year.

It is the country’s ascension, though, as an epicenter for blockchain innovation in Europe that is garnering attention. Highlighting this was the blockchain hackathon event that took place in November of 2016 at Dublin City University. It attracted more than 150 technologists and fintech entrepreneurs, collaborating together on the creation of new apps and services using blockchain technology.

Last year also saw Travacoin, an Irish startup, achieve acclaim for its work on a blockchain-based voucher system that facilitates a refund and compensation system for delayed and canceled flights.

In early 2017, global consulting firm Deloitte, which works with 90 percent of the world’s largest financial institutions, launched their new EMEA blockchain labin Dublin’s “Silicon Docks” district. This fintech and innovation center joins a network of global labs that includes one on Wall Street in New York. Co-located with the likes of Google, Facebook and others, it is fueled by a team of over 40 blockchain developers and designers committed to cutting-edge advancement in the distributed technology space. In its brief existence Deloitte has already engaged in working partnerships with the Bank of Ireland and blockchain software developer ConsenSys.

A signature project for Deloitte’s blockchain lab involved a collaboration with a group of stakeholders that included Deutsche Bank, Metzler, Northern Trust, Irish Funds and State Street as participants. This use case involving blockchain technology to manage and oversee regulatory reporting resulted in a regulatory “proof of concept” reporting protocol that captures transactions and uses smart contracts capability to manage reporting, resulting in increased transparency and accountability.

Reuben Godfrey is the director of the Blockchain Association of Ireland, an organization headquartered in Dublin that aims to foster and coordinate Ireland’s depth of talent, drive and enthusiasm to position the country globally as a thought leader on blockchain development. The goal is to achieve this through engagement with regulators, policymakers, educators, other not-for-profit organizations and technology entrepreneurs, all with the intent of guiding public dialogue around emerging blockchain trends in the country.

In an interview with Bitcoin Magazine, Godfrey said that a number of local and multinational companies have been producing good results on a number of collaborative projects. The fact that Deloitte chose Ireland as the landing spot for their EMEA Blockchain Hub, he notes, was was a huge vote of confidence for Ireland in terms of being recognized as a global blockchain player.

A big issue at the moment in Ireland, said Godfrey, is the race to hire programmers who understand the technology. “It’s becoming evident that there simply aren’t enough ‘experts’ to fill these roles. In the coming year to eighteen months, I foresee a growing need for cross-training of existing talent. In the meantime companies in this space will need to fundamentally rethink their current approaches. Those that fail to keep up may see their business model quickly outdated and face serious disruption from new startups.”  

Godfrey pointed out that the blockchain community in Ireland remains slightly fragmented. “There is still no guidance at a national level so it’s up to us and other organizations, universities and the private sector to bring the conversation forward and elicit a stance from policymakers and regulators.”

In terms of the long-term future for blockchain technology and bitcoin in Ireland, Godfrey concluded, “I always answer the same way on this, namely, that it’s like the internet was 25 years ago. We could have predicted the web’s impact on, say, print media, but it would have been far harder to predict the social and political impact of the broader social media landscape of Twitter [and] Facebook. So I’ll close by quoting Donald Rumsfeld: ‘There are known knowns. These are things we know that we know. There are known unknowns ... But there are also unknown unknowns. There are things we don’t know we don’t know

Comments

Popular posts from this blog

Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

A recent study ( PDF ) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. “This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says. The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category ...

Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Bitcoin  Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent. Source: CoinMarketCap Altogether, the  cryptocurrency market cap  clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion. Bitcoin Price Eyes $12,000 Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December. Bitcoin Price Chart The correction forced the  bitcoin price  below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit...

How to Boost Your Credit—or Build it Up From Nothing

Now that you know  how credit works , you probably want to know how to make it work  better . While nothing is better for your credit than paying your bills in full and on time, there are ways to give it a boost. Like it or not,  credit matters . It’s also complicated. In our “Everything You Need to Know About Credit” series, we’re breaking down the basics. When a lender or landlord looks at your credit, they’re not just looking for a three digit number, they want to know how you actually handle credit. That’s why your credit report is more important than your score. That said, your score matters, too, and the good news is, there are shortcuts for boosting it in a relatively short amount of time. And if you don’t have credit at all — let’s say you’re a teenager about to start college — your biggest focus should be on building up a credit history. That way you can apply for student loans, apartments, and make sure you  aren’t gouged on bills . Here are some options...