Study in Ireland: Government should promote blockchain technology

A study by the National University of Ireland at Galway (NUI) and the Blockchain Association of Ireland (BAI) has focused on the introduction of blockchain in Ireland. So far, there are far too few Irish companies using the technology, according to the authors of the study. Now they are calling for targeted government support.

The Irish Times reported on May 11 that the Galway National University of Ireland (NUI) and the Blockchain Association of Ireland (BAI) conducted a blockhain study. The title of the study also illustrates the motivation behind it: "The introduction of blockchain in Ireland: study of the influence of organizational factors". Although Blockchain has been "hailed as the most revolutionary technology since the Internet," with only 40 percent of Irish companies that have opted for the technology so far, acceptance is too low. Therefore, the authors of the study are now calling on the government to boost blockchain technology in Ireland.

Details of the study

So far, there is little research on blockchain adoption in Ireland. Therefore, the results of the study by NUI Galway and the BAI will attract great interest. Although only 20 companies were involved, the data should shed some light on the subject. Eight of these companies are already using blockchain, while the remaining twelve are not yet doing so or will not have such plans for the next two years. Five out of the 20 interviewed company representatives had a basic awareness of the blockchain, six showed a medium level of knowledge and nine had extensive knowledge of the technology. Thus, it shows that after all know all Blockchain, the depth of knowledge is still too superficial.

Key factors in the introduction of the blockchain have been the support of top management and organizational readiness. On the other hand, legal uncertainties and a lack of business cases and internal expertise would be a deterrent. In addition, the study found that ICOs and cryptocurrencies are perceived as negative. Therefore, in association with the blockchain they also complicate their introduction.

Government should promote knowledge about Blockchain

An important factor for the introduction of the blockchain is therefore first of all an extensive knowledge of the technology. Therefore, Dr. Trevor Clohessy of the NUI Galway, the government to promote the acquisition of knowledge about the Blockchain. To this end, a national initiative should be launched. The possible uses of Blockchain were presented by Dr. Ing. Clohessy out:

"One of the advantages of blockchain is that transactional data is immutable after entering it 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 his joint ownership makes it less vulnerable to cyberattacks. Beyond the economy, other useful uses of this technology would be in voting machines and ballot boxes to combat electoral fraud and possibly enable a block-enabled, technology-driven border-detection system that could provide a solution to the current challenges of the North / South Brexit border. "

The J. E. Cairnes School of Business and Economics at NUI Galway is already taking a step toward blockchain promotion. For example, the University recently introduced Blockchain as a module for students studying the Business Analytics and Information Systems Management programs.