IDA Ireland has announced that it wants to promote the Irish Republic as an ideal location for international businesses focused on blockchain, according to The Irish Times.
The state body is the agency responsible for the attraction and development of foreign direct investment in Ireland. Its new initiative, established by the Irish Blockchain Expert Group, an IDA Ireland-led forum, has been set up to involve companies working with blockchain technology towards promotion of the republic as a space for business for overseas companies.
Ireland currently has a forward-thinking approach to blockchain technology. Recently National University of Ireland (NUI) authors of a study on the adoption of blockchain approached the government to promote a more widespread use of the technology in the country.
One of the findings of that study showed that only 40% of companies in Ireland had embraced blockchain technology, which the researchers felt was relatively low, despite Ireland’s 13th position on Bloomberg’s 2018 Innovation Index, with high productivity scores and advanced IT infrastructure.
The latest initiative started by the Irish Blockchain Expert Group is also backed by the department of finance, Enterprise Ireland and Consensys, a company established by Joe Lubin, one of the co-founders of Ethereum.
Consensys has said that it plans to open a new Dublin-based innovation studio that is to include a development lab where engineers will build and deliver Ethereum-based blockchain platforms and products.
IDA’s chief information officer said of the new project:
“We regard blockchain as an area with huge potential and we are seeing great interest among IDA Ireland’s client base. This initiative will enhance the blockchain industry in Ireland and our position as a global blockchain centre of excellence.”
Irish based startups, AidTech and Arc-Net, have recently developed solutions built on blockchain technology and Deloitte has a dedicated blockchain laboratory in Dublin. Enterprise Ireland has also announced a new EUR 750,000 competitive start fund for companies working in blockchain and related technologies in the republic.
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