Namaste Yogis. Welcome to the Blockchain & AI Forum, where your technology questions are answered! Here no question is too mundane. As a bonus, a proverb is also included. Today’s question comes from Patrick and he wants a quick overview of blockchain innovation in Ireland.
Patrick, you came to the right place. Recently I read an informative research report titled: Ireland’s Blockchain, Crypto & Web3 Strategy: A Vision to Establish Ireland as a Global Web3 Hub.
https://www.blockchainireland.ie/wp-content/uploads/2024/02/Blockchain-Ireland-Irelands-Blockchain-Crypto-and-Web3-Strategy-Paper.pdf Below I highlight the most critical findings, but I’ll start with the authors, list the report chapters, and conclude with five recommendations.
Report Authors
The report was prepared by researchers and academics on behalf of Blockchain Ireland. Blockchain Ireland is essentially an industry association. According to Blockchain Ireland, the report offers a “… strategy and roadmap for creating a national and international blockchain hub in Ireland.”
Table of Contents from the Report
- Blockchain Ireland Overview: In this chapter the report explains the who, what, why, and how of the organization.
- Blockchain Explainer: Within this chapter, the authors go into detail regarding what is blockchain technology, how it works, why it’s important, etc.
- Areas to Benefit from Blockchain, Digital Assets, and Crypto Innovations. Here authors identify E-Governance & Digital Identity; Energy; Financial Services; Digital Assets; Healthcare and Supply Chain Management as the sectors where blockchain could have the greatest positive impact.
- Government Regulations: In this second to last chapter, the authors explain existing blockchain laws and government regulations in Ireland.
- Recommendations and Road Map: In this concluding chapter, the authors offer the government a series of recommendations and a “how to” narrative on implementing the ideas.
Report Highlights
After 25 years, Blockchain Ireland has grown to 1,400 members and 100 partnerships. Blockchain Ireland has the ear of government officials, so let’s explore a few recommendations of the report starting with the Blockchain Hub concept:
- 1. Develop a Global Blockchain Hub, a Multi-Institutional Centre for Excellence using the UN sustainable development goals (SDGs). According to proponents, “… This Hub will bring together all the key components of the Blockchain ecosystem in an efficient and innovative way. The Hub, will contribute to drive the promotion of skills and talent in this area and position Ireland as a location of choice for Blockchain Technologies.” What do you think about a blockchain association asking government to facilitate their industry? Does it prove again that “free market” advocates want, need, and ask for government help when it’s convenient or did I miss something?
- 2. Create a Blockchain Skills Strategy and Roadmap. Blockchain Ireland is advocating for the government to adopt a blockchain strategy and of course, that it base the strategy on the report they produced and being reviewed here. Makes sense.
- 3. Create Public Trust in Blockchain. It is unclear why Blockchain Ireland believes the government is capable of creating public trust in blockchain as opposed to other institutions but nevertheless, this is what they said. The authors identified a number of ways to create public trust in blockchain technology, including: more academic studies, university degrees in blockchain, conduct test pilot projects in fields of law and property, for example.
- 4. Provide networking, mentoring, and financial support for emerging entrepreneurs and innovators to participate in national and EU-level innovation events, hubs and clusters.
- 5. Establish compliant sandbox and test-bed environments to iterate Web3 proof of-concepts, test implementations, and trial scaling propositions.
Time for a proverb from Ireland, where they say: “a cabin with plenty of food is better than a hungry castle.”
Until Next Time,
Yogi Nelson
Blockchain & AI Forum 