On 11th June, according to The Irish Times, a government agency namely, IDA Ireland is responsible for attracting foreign direct investment (FDI). They have decided to take an initiative to promote blockchain development and investment.
The local news outlet reported, that the project “Blockchain Ireland” is set to be launched by IDA. It also aspires to promote the blockchain technology and unite with international companies working with blockchain technology. The project “Blockchain Ireland” is an online platform that advertises Ireland as “ideal location” for international blockchain-focused firms.
The project for the development and investment of blockchain has been initiated by various parties. The parties included are Irish Blockchain Expert Group (IBEG), an IDA Ireland-led forum, the Department of Finance, Enterprise Ireland, and Consensus, a US-based software-production studio that was founded by Ethereum (ETH) co-founder Joe Lubin.
Last month, the government was urged by the National University Ireland Galway to promote the technology in the country. They highlighted the potential of blockchain technology, how it could help in the growth of the economy and how it could transform the structure of operations of government and businesses.
In recent years, Ireland has managed to position itself as the hub for tech business. They have attracted foreign companies with a 12.5 percent corporate interest rate as well as tax credits for research and development.
Circle, AidTech, and Arc-Net are examples of applications developed by a number of companies in Ireland. Deloitte, an audit and assurance consulting company, has a dedicated blockchain laboratory in Dublin. Mastercard had announced in April, that they will hire more blockchain specialist in the country, specifically to boost innovation in the field of payment.
This year, Ireland became the signatory to the European Blockchain Partnership, which was created by the European Commission. The aim of the partnership is to be a “vehicle for cooperation amongst the Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide [blockchain] applications across the Digital Single Market for the benefit of the public and private sectors.”