Blockchain Technology Grows in Ireland; How Could Brexit Affect This?

Ireland seems to be attacking a lot of blockchain talents and companies. A decade after a bank crisis that affected the nation, strong growth has attracted many companies around to world to settle their operations in the country.

However, it seems that a “no deal” Brexit could severely harm the country and its growing economy.

Ireland Could be Affected by a Hard Brexit

According to a recent report released by Reuters, Ireland will decrease the gross domestic product by 1,5%. The United Kingdom represented 11 percent of Ireland’s exports of goods just in 2018. At the same time, it supplied more than one-fifth of its imports. The Irish central bank is worried about the situation with Brexit and how it can affect the whole economy.

Dave Fleming, global head of research and development for Mastercard Labs in Ireland, commented:

“It’s hard to see the shadow of Brexit at the moment. If Ireland is affected, it will probably be similar to 2008 and the whole world might be affected so possibly blockchains might help.”

If Britain does not have an agreement on the terms on the border with Northern Ireland, a more enforced border could isolate the country and start a political and economic conflict. Anthony Day, the chief operating officer of Deloitte’s EMEA Blockchain Lab in Ireland, says that there is a growing potential in improving trade across borders.

Clearly, Brexit has affected Ireland, consumers and investors alike. The most important companies are already planning back up plans in case there is a no-deal Brexit, which could be damaging for the whole economy in the region. Some of the issues that might arise are tariffs, customs paperwork, delayed shipments of goods from Britain, and many other things.

There are large firms in the cryptocurrency space that have decided to open offices in the country, including Coinbase, ConsenSys and Wachsman PR. At the same time, Deloitte has chosen Dublin as the home for the EMEA Lab.

Moreover, the country has provided €500 million towards the Disruptive Technologies Innovation Fund. With this fund, companies and firms can apply for funding and improve blockchain technology, among other technologies.

Day says that there are several economic sectors such as Financial Services, Food & Agriculture, Technology and Aviation that are trying to implement blockchain solutions to improve their efficiency with increased transparency, enhanced data sharing, detection of fraud and more.

There are other tech and financial companies that are moving to Ireland from the United Kingdom before Brexit. Some of these companies are Barclays, Bank of America, CitiBank, Google and more.

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