The recent launch of Blockchain Association of Ireland has made an impact in the cryptocurrency industry. In this case, the Blockchain technology that
The recent launch of Blockchain Association of Ireland has made an impact in the cryptocurrency industry. In this case, the Blockchain technology that supports the cryptocurrencies such as Ethereum and Bitcoin will soon be legitimized. The Blockchain Association of Ireland is a non-profit organization that advocates for the adoption of this technology in Ireland. It aims at making Ireland a hub of the technology. However, the Association has received criticism because it is linked with Bitcoin. In the past, Bitcoin has been commonly used in the sale of arms, illicit drugs, and other illegal transactions.
Since its introduction a few years ago, Bitcoin has become one the popular cryptocurrencies used in various digital markets. In this case, Bitcoin is likely to pose a threat to traditional currency models in banks and governments.
The co-director of the Blockchain Association of Ireland, Reuben Godfrey said that several informal networks and workgroups are searching for answers about this new technology. In this case, the Association aims bridges the gap between the formal and informal networks to put Ireland as the innovative hub for technology. The association informs the public about the commercial applications of the blockchain.
The blockchain has distanced itself from the debate surrounding one is its currency, Bitcoin. However, many people still criticize this digital ledger.
Since its introduction, Bitcoin has become such controversial even as the industry undergoes a transformation. Godfrey says that many corporations use the term DLT (Distributed Ledger Technology) to describe bitcoin.
However, Godfrey says that many people have shown enthusiasm in the blockchain technology. In this case, many governments including the UK, Dubai and Estonia have plans to use Blockchain technology for various applications. The land registry and health sector have great potential for adopting this technology. However, the adoption of this technology will be dependent on the political desire to bring changes in the government.
On December 14th, this association is expected to be officially launched at the Bank of Ireland Innovation Workbench in South Dublin. Deloitte and Bank of Ireland have been working together to show how financial institutions can integrate this new technology with their existing systems to provide ultimate customer experience at lower cost.
Godfrey said that blockchain technology has gained popularity is many parts of the world. However, the technocrats are yet to release a new blockchain app that could take this technology to the next level. There is so optimism for Blockchain in Ireland as the technology is expected to change the financial system in the country.