Irish Government to Push for a New Initiative to Make the Country a Blockchain Hub
The government of Ireland has initiated research and development of the blockchain technology in a bid to put the country on the digital currency platform map, reported the Irish Times on June 11th 2018. This initiative is being led by IDA, an Irish state agency responsible for attracting foreign direct investment into Ireland. The new project named Blockchain Ireland is looking to encourage cooperation within the blockchain industry among the companies already exploring this industry in the country and push more to join in the initiative. The country’s department of Finance as well as the state economic development agency Enterprise of Ireland and ConsenSys, a decentralized applications incubator based in New York are backing up this project.
Ireland has established a number of other blockchain initiatives in addition to this new project to position itself as a global destination for this technology’s start-ups. ConsenSys, the New York based blockchain technology company founded by Ethereum co-founder Joseph Lubin has expressed interests to start operations in Dublin, Ireland’s capital. Their new innovation studio is set to open this month (June) to develop Ethereum-based blockchain products and will employ about 60 people.
Another major company that has established a blockchain research and development center in Dublin is Deloitte. This company’s center, the EMEA Financial Services Blockchain Lab has about 50 developers and designers working on blockchain prototypes that are then integrated into the company’s financial systems of its clients.
IDA Ireland has seen the potential of the blockchain technology for its technical superiority and as a way of attracting direct foreign investment. The agency’s chief information officer told the Irish times that the it will push the new initiative to ensure that Ireland is positioned on the global blockchain hub.
The need to be the leading blockchain hub is attracting the attention of many nations around the world. Many have already instituted legal and economic policies to guide them in keeping up with the developments in this industry. Among these nations is Malta, a small European country that has branded itself as the most crypto-friendly nation in the world.
The country’s president Joseph Muskat has continuously encouraged blockchain startups and has ensured that the country’s crypto regulations are as friendly as possible. Following these developments, two of the biggest exchanges in the crypto industry, Binance and OKEx have gone ahead and set up operations in the country. TRON and Monaco, who also major players in the crypto industry have also shown interest and are expected to set up their operations in the country later this year.
Switzerland, has also not been left behind in the quest of becoming a blockchain technological hub. The developers and other players here have established a Crypto Valley focused on blockchain research and development as well as information in the town of Zug. The country is even looking forward to hold a blockchain-powered municipal election for the first time between June 25 and July 1. This process will use eID, a kind of a digital identification system and the participants will use their mobile phones. These and other developments in other parts of the world show how the blockchain technology is growing in importance.