Study in Ireland: Government to promote blockchain technology

A study by the National University of Ireland in Galway (NUI) and the Blockchain Association of Ireland (BAI) has looked at the introduction of the blockchain in Ireland. According to the authors of the study, far too few Irish companies use the technology so far. Now they are demanding targeted support from the government.

The Irish Times reported on 11th May that the National University of Ireland in Galway (NUI) together with the Blockchain Association of Ireland (BAI) carried out a study on the subject of block groves. The title of the study also illustrates the motivation behind it: „The Introduction of the Blockchain in Ireland: Investigation of the Influence of Organizational Factors“. Although the blockchain is celebrated „since the Internet as the most revolutionary technology“, the acceptance is too low with only 40 percent of Irish companies that have opted for the technology so far. The authors of the study therefore now call on the government to promote blockchain technology more strongly in Ireland.

Details of the Bitcoin loophole

So far, there are hardly any research results of onlinebetrug in Ireland. Therefore, the results of the NUI Galway and BAI study will meet with great interest. Although only 20 companies were included, the data should shed light on the situation. Eight of these companies are already using the Bitcoin loophole, while the remaining twelve are not yet doing so or have no such plans for the next two years. Five of the 20 company representatives surveyed had a basic awareness of the blockchain, six had a medium level of knowledge and nine had extensive knowledge of the technology. This shows that at least everyone knows the blockchain, but the depth of knowledge is still too superficial.

The key factors identified for the introduction of the blockchain were support from top management and organizational readiness. On the other hand, legal uncertainties, a lack of business cases and internal expertise would act as a deterrent. The study also found that ICOs and crypto currencies are perceived as negative. In association with the blockchain, they therefore also make it difficult to introduce them.

Government to promote knowledge about the news spy

An important factor for the introduction of the blockchain is therefore an extensive knowledge of the technology. Dr. Trevor Clohessy of the NUI Galway therefore calls on the government to promote the news spy acquisition of knowledge about the blockchain. To this end, a national initiative should be launched. Dr. Clohessy highlighted the possible uses of the blockchain:

„One of the advantages of the blockchain is that transaction data is immutable after it is entered into the digital ledger, which means that it is not possible to change or remove the entered data, thereby ensuring the integrity of all transaction records. And its shared ownership makes it less vulnerable to cyber attacks. Beyond the economy, other helpful uses of this technology would include voting machines and ballot boxes to combat electoral fraud and possibly enable a blockchainable, technology-driven border identification system that could provide a solution to the current challenges of the North-South Brexit border area.“

The J. E. Cairnes School of Business and Economics at the NUI Galway is already taking a step towards blockchain funding. The University has recently introduced Blockchain as a module for students studying for master’s degrees in Business Analytics and Information Systems Management.