On the 11th may, the Irish Times reported that the authors of a study at the national university of Ireland (NUI) Galway on the promotion of blockchain in Ireland, called on the government to boost the innovation around the country.
The study offers proposals to increase blockchain mindfulness and adoption that can purportedly have a positive effect on financial development and establish a basis to guide the government and other organizations in Ireland on how to develop their businesses.
Dr. Trevor Clohessy at NUI Galway explained that:
“…Beyond business, other beneficial uses of this technology would be in voting machines and ballot boxes to address electoral fraud and potentially looking at a blockchain enabled technology-controlled border identification system that could provide a possible solution to the current North/South Brexit border challenges.”
Dr. Trevor Clohessy is the one that led the research which called for government action to support blockchain through the development of a national initiative in Ireland.
The study is called “The adoption of Blockchain in Ireland: Examining the influence of organizational factors” and it was directed by NUI Galway in collaboration with the Blockchain Association of Ireland. The study analyzes factors that have an impact on the Irish companies in their choices to adopt blockchain. The main discoveries demonstrate that only 40 percent of enterprises in Ireland have accepted this technology, which is a moderately low rate according to the researchers.
The study found that the main factors influencing blockchain adoption were mainly supported by top administration, hierarchical status, authoritative vulnerability, and a lack of business cases and in-house expertise.
Ireland is thirteenth on the Bloomberg 2018 Innovation Index, with high scores in efficiency and manufacturing value added, and has advanced IT infrastructure. As of late, Ireland has marked itself as a center point for fintech and blockchain business, touting a low corporate tax rate of 12.5 percent with a double tax collection treaty network with 72 nations.
In a similar report surveying financial executives internationally, the Financial Executives Research Foundation found that 30 percent of financial executives intend to invest resources to blockchain in the next year and a half.
The financial service providers Mastercard reported that it will employ an extensive variety of experts such as software engineers, data scientist, information security experts, and blockchain specialists in Dublin to support development in the field of payments.