Ireland to Launch Blockchain Advocacy Group to Push FinTech Agenda

December 9, 2016 15:38 UTC

The Blockchain Association of Ireland is to officially launch on December 14 in the country as it attempts to establish the country as a global hub for FinTech, according to a report from The Irish Times.

As more companies and individuals realize the potential that blockchain can produce, more are turning their attention to it. It’s already making its presence known in healthcare, financial institutions, and land registry.

However, in a bid to keep up in the blockchain race, the Blockchain Association of Ireland has been developed to aid groups in Ireland in areas relating to smart contracts, FinTech, and digital currency, to name a few.

The advocacy group hopes to push blockchain and digital currency adoption to make Ireland appeal as a Fintech hub.

It is hoped that by doing so Ireland will place itself in a better position when the technology finally takes off.

Speaking to The Irish Times, Reuben Godfrey, co-director of the Blockchain Association of Ireland, said:

The association primarily bridges the gap between informal and formal networks to open the public dialogue and advance Ireland as an innovative hub for technology and the multiple societal and commercial applications of blockchain.

He adds that the association hopes to bring the community together at its yearly summit, Deepgreen 2017, in April next year.

Increased Interest in Blockchain

As the blockchain removes itself away from the digital currency it supports, bitcoin, enthusiasts for the technology are emerging on a daily basis, despite being wary of the technology to begin with. This clearly demonstrates that the technology has come a significantly long way by proving to people that what it does works for different sectors.

So much so, that earlier this year the Bank of Ireland announced its successful peer-to-peer blockchain trial demonstrating the means for distributed ledger technology to enable banks to combine the technology with existing banking systems.

With the association not launching until later this month, it is expected to connect talented firms within Ireland to form a successful innovation hub.

Godfrey said:

Bank of Ireland and Deloitte have been working together for some time and have demonstrated how financial institutions can combine the technology with their existing systems to provide next-generation client experience and regulatory oversight at a lower cost.

Ireland may be behind in the FinTech race compared to the likes of London, Singapore, and New York, but the fact that it is launching a new association shows that the country is keen to demonstrate it has what it takes to become a global FinTech hub.

Images from Shutterstock.

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