Irish Governmental Agency for Foreign Investment Leads Blockchain Development Initiative

IDA Ireland, a governmental agency responsible for attracting foreign direct investment (FDI), is leading an initiative to promote blockchain investment and development in the country, local news outlet The Irish Times reports June 11.

According to the Irish Times, the IDA is set to launch the project “Blockchain Ireland,” that intends to promote the technology as well as to attract and collaborate with international companies working with blockchain technology. The project will be an online platform that advertises Ireland as an “ideal location” for international blockchain-focused firms.

The project was initiated by the 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.

In May, the National University of Ireland Galway urged the government to promote the technology in the country, emphasizing the potential of blockchain to positively impact economic growth and transform the way government structures and businesses can operate.

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

A number of firms located in Ireland have developed applications using blockchain technology including Circle, AidTech, and Arc-Net, while Deloitte has a dedicated blockchain laboratory in Dublin. In April, Mastercard announced it will hire on more blockchain specialists in the country, reportedly to boost innovation in the field of payments.

Ireland is also a signatory to the European Blockchain Partnership, which was created 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.”