Category Archives: Dublin

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Ethereum Co-Founder Joe Lubin: Blockchain and Crypto Can Transform Society

Ethereum co-founder Joseph Lubin believes blockchain will have the same kind of impact in the future as the internet had in the late nineties, writes Business Insider. The co-founder of ConsenSys was speaking at the MoneyConf in Dublin where the blockchain company has opened its new office.

Lubin made it clear that he was looking for blockchain to make a lasting impact: “This technology is so profound, it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”

He went on to compare current activity fintech space to the dot-com boom of the late 90s, a period of extreme growth and intense activity in the usage and adaptation of the internet. Lubin suggested there was clearly a parallel today, given the same degree of high investment coupled with high gains and losses in cryptocurrency activity, according to the success of company projects.

The entrepreneur argued that the growth of the internet was mirrored today by current developments in the space, as cryptocurrencies and their underlying technology were repeating history:

“There was a tremendous amount of creative destruction in the dotcom era that laid the foundation and taught all of us how to build an effective internet, an effective world wide web, and really transform society. I think that we will see dynamics like that in place in the blockchain space.”

He was clear in his views that although scams are clearly not welcome, they don’t impact of the overall image of the industry, and that the US Securities and Exchange Commission (SEC) was right in taking these issues on in order to clean up the space. He put the crypto “bad-actor syndrome” down to the failings of human nature and the fact that cryptocurrency investment was open for all.

Lubin pointed to the West in terms of where some of the most progressive movements in the industry were originating, citing the US and Europe as the major source of innovation.

 

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Ireland Lines Up to Become “Global Blockchain Center of Excellence” with New Initiative

IDA Ireland has announced that it wants to promote the Irish Republic as an ideal location for international businesses focused on blockchain, according to The Irish Times.

The state body is the agency responsible for the attraction and development of foreign direct investment in Ireland. Its new initiative, established by the Irish Blockchain Expert Group, an IDA Ireland-led forum, has been set up to involve companies working with blockchain technology towards promotion of the republic as a space for business for overseas companies.

Ireland currently has a forward-thinking approach to blockchain technology. Recently National University of Ireland (NUI) authors of a study on the adoption of blockchain approached the government to promote a more widespread use of the technology in the country.

One of the findings of that study showed that only 40% of companies in Ireland had embraced blockchain technology, which the researchers felt was relatively low, despite Ireland’s 13th position on Bloomberg’s 2018 Innovation Index, with high productivity scores and advanced IT infrastructure.

The latest initiative started by the Irish Blockchain Expert Group is also backed by the department of finance, Enterprise Ireland and Consensys, a company established by Joe Lubin, one of the co-founders of Ethereum.

Consensys has said that it plans to open a new Dublin-based innovation studio that is to include a development lab where engineers will build and deliver Ethereum-based blockchain platforms and products.

IDA’s chief information officer said of the new project:

“We regard blockchain as an area with huge potential and we are seeing great interest among IDA Ireland’s client base. This initiative will enhance the blockchain industry in Ireland and our position as a global blockchain centre of excellence.”

Irish based startups, AidTech and Arc-Net, have recently developed solutions built on blockchain technology and Deloitte has a dedicated blockchain laboratory in Dublin. Enterprise Ireland has also announced a new EUR 750,000 competitive start fund for companies working in blockchain and related technologies in the republic.

 

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