With more and more financial services companies looking to benefit from the day-to-day efficiencies of blockchain technology, Ireland has developed a strong reputation in both finance and technology – becoming a front-runner in the blockchain industry, according to Dr Nicola Stokes.
The blockchain boom is well and truly here. Blockchain is no longer a technological concept but a real-life application that is fast becoming mainstream – especially in financial services, where its decentralised technology transparently records the intricacies of transactions on a shared network.
For example, this promises huge value in investment management, helping companies trade faster and cheaper, while improving efficiency through near-instant settlement, greater transparency and less room for error.
Touted as a technology that will revolutionise the sector, it is not surprising that the financial services industry has embraced blockchain – and Ireland has been positioning itself at the forefront to meet industry demand. The country occupies a unique position here, able to bring together all the actors required to create a successful blockchain environment – including a skilled and experienced technology talent base, a thriving fintech hub and strong regulatory support.
As a result, Ireland is proving useful as a blockchain hub demonstrated by the growing number of major financial institutions, including Citi, JP Morgan, Mastercard and Fidelity Investments who are developing technology solutions from there. So how has this come about and what’s next for the industry?
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