IDA Ireland Is Harnessing Blockchain Development

Ireland is finally stepping up its crypto game. IDA Ireland is a governmental agency which is leading an initiative to promote blockchain investment and development in the country. It is apparently attracting foreign direct investment (FDI) according to local news reports.

IDA is all set to launch their project called “Blockchain Ireland,” that aims to promote blockchain technology as well as attract and tie up with international companies working with the same technology. The project will be an online platform that focuses on promoting Ireland as an “ideal location” for international blockchain-focused firms.

The project was initiated by Irish Blockchain Expert Group (IBEG), an IDA Ireland-led forum, the Department of Finance, Enterprise Ireland, and ConsenSys, a US-based software-production studio that was founded by Ethereum (ETH) co-founder Joe Lubin.

National University of Ireland, Galway, was seen urging the government to promote the technology in the country, harping on the potential of blockchain to positively impact economic growth and transform the way government structures and businesses can operate.

Ireland has emerged as a hub for tech business in recent years, attracting foreign companies with a 12.5% corporate interest rate as well as tax credits for research and development.

Firms like Circle, AidTech, and Arc-Net, have used blockchain technology to develop applications while Deloitte has a dedicated blockchain laboratory in Dublin.

Ireland is also a signatory to the European Blockchain Partnership, which came into being this year by the European Commission. The partnership aims to be a “vehicle for cooperation amongst 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.”