Here’s How Brexit Could Propel the Irish Blockchain Ecosystem

According to a report by Irish Tech News published March 23, 2019, Blockchain Ireland, the body that aims to foster the development of the local blockchain ecosystem in Ireland, has officially launched Blockchain Ireland Week in the cities of Dublin, Cork, Sligo, and Galway.

Blockchain Ireland Week to Span from May 24-31

Ireland, while being one of the most pro-blockchain and crypto countries in the world has also managed to develop a tight regulatory environment for emerging technologies.

The country has already released guidance on cryptocurrency taxes and in one of the groundbreaking hearings of 2018, declared that cryptocurrency ether (ETH) could be considered proceeds of crime.

In the latest push for the adoption of blockchain technology, the island nation will witness a congregation of blockchain entrepreneurs, developers, and thought-leaders in May 2019.

Organized by Blockchain Ireland, the one week-long event aims to develop opportunities in distributed ledger technology (DLT) across various sectors, including corporate, design, social impact, and entrepreneurship. The event will raise awareness about the benefits of blockchain technology through panel discussions, live workshops, and networking opportunities.

Brendan Bonner, the chairman of Blockchain Ireland shared his thoughts on the event’s launch. He said:

“Blockchain Ireland has brought together the triple helix of academia, industry and government for blockchain innovations, and Blockchain Ireland Week is the chance to showcase the advances in blockchain innovation, education and research and industry first projects that have been borne in Ireland to the wider blockchain ecosystem.”

Brexit Could Provide a Massive Impetus to Ireland’s Blockchain Ecosystem

Although the long-stretched issue of Brexit might be giving sleepless nights to the British, the situation could prove to be blessing in disguise for blockchain-enthusiasts in Ireland.

According to Jillian Godsil, co-founder of Blockleaders.io, if Britain eventually leaves the European Union (EU), it would leave Ireland as the only native English speaking country in the continent with the closest proximity to the U.S. Godsil essentially describe the possible scenario as “an ill wind that blows no good.”

She added that the nation has already established itself as an attractive destination for fintech startups all over the world given the fact that nine out of ten companies choose Ireland to start their business.

One of the many ways in which blockchain can help Ireland in the post-Brexit era is in the field of trade and commerce.

Having left the EU, the United Kingdom would be required to establish a customs border between Northern Ireland and the Republic of Ireland. However, with blockchain technology’s decentralized nature, the need for an intermediary to authenticate each trade transaction would be largely mitigated.

The technology could potentially bring a great degree of transparency to trade and commerce between the two countries as virtually all the staking parties will be able to check and verify transactions pertaining to currency transfers, trade of physical goods, and tracking and certification on any shipment, among other things.

With that said, it remains to be seen what sort of cascading effects Ireland will witness if Brexit actually materializes. However, given the current disturbed state of events with Prime Minister Theresa May at the helm of things, the end result of the Brexit fiasco could take a considerable amount of time.