In an attempt to fully integrate the blockchain ecosystem into the economic stream of the country, the government of Ireland organized a blockchain hackathon –  with the aim of understanding and assessing the potential of the industry and its economic relevance.

The hackathon hosted by the department of expenditure and reform in collaboration with the department of finance was scheduled to be held on the weekend of 25 – 27 January at Dublin.

The conference will feature an important subject on how the blockchain can be utilized in public service areas such as health, security, transport, and information gathering systems to improve current processes, development, citizen user experience, efficiency and more, according to a news post.

The news source quoted Paschal Donohoe TD, minister for finance and public expenditure and reform as saying: “Blockchain technologies have proposed new economic, business, social and technological models that have the potential to significantly impact business and society.”

The conference will enable teams to brainstorm on feasible solutions to different problems faced by businesses using blockchain. And, the team that comes up with the best solution will be offered a prize of 8,500 euros (USD 9,690.42), along with an opportunity to implement it. Results will be based on innovation, relevance, solution, and proof of concept.

It would seem the conference is a part of a national economic reform dubbed Our Public Service 2020, which is aimed at developing and innovating solutions in digital delivery of public services in the Ireland economy.

Ireland is doing a whole lot to create a synergistic workflow between different parastatals, to include the government, academia, and the private sector towards blockchain research. Last year, an internal working group was set up to monitor the development of cryptocurrency and the underlying blockchain technology.

Blockchain trials have been successful in the region also. In March of last year, Bank of Ireland and Deloitte completed a joint proof-of-concept trial using blockchain technology which revealed a cost-effective approach in integrating the technology with legacy banking systems and still provide what they called “next generation client experience and regulatory oversight.”

Last September, Fintech Fusion, an Irish research program was created to facilitate the research into blockchain and obtain data to assist in the assessment of the impact of current financial technology on both wholesale and retail businesses.

Lately, it would seem that the hype for cryptocurrencies have dwindled, while the demand for blockchain has taken center stage for several industries.

 

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