Irish Governmental Announces Blockchain Technology Development Initiative

Irish agency that is responsible for attracting foreign direct investments to the country, IDA Ireland recently announced about the initiative which aims at promoting blockchain investment and development in the country. Local news outlet The Irish Times reported the information yesterday, on June 11 stating that the strategic project is called “Blockchain Ireland”.

It was reported that the recent initiative will be concentrating on promoting the technology as well as attracting and collaborating with international companies that work with blockchain technology. Blockchain Ireland will be an online platform which will advertise Ireland as country with top convenient conditions for international blockchain-focused firms to invest in.

The project was reportedly initiated by key relevant and responsible organizations such as Irish Blockchain Expert Group (IBEG), IDA which is Ireland-led forum, the Department of Finance, Enterprise Ireland, and Consensys which is a US-based software production studio founded by Ethereum (ETH) co-founder, Joe Lubin.

Back in May this year, the National University of Ireland Galway was reported to urge the local government to promote the new technology in the country. The main point of the institution in the important advisory was the great potential of blockchain technology which can positively impact economic growth and transform the way government structures and businesses can operate.

As of now, Ireland is showing a good potential of becoming a hub for tech business. In recent years, the country reportedly attracted foreign companies with the interest rate of 12.5% in addition to tax credits for research and development of the new technologies.

Currently, there are many Ireland-based companies which develop applications based on this technology. The growing in number names of such major companies include: Circle, AidTech, and Arc-Net. In addition, a finance giant company Deloitte has a blockchain laboratory which is located in Dublin.

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