When it comes to Fintech innovations, London has always been the central hub for Europe. With an evolved Blockchain ecosystem that has partnered with various Financial Services firms that span across Nations London has been pretty active on the Blockchain space. But with the Brexit blues lingering in the hindsight, the set up now looks lagged and out of sync with rest of the world. Owing to this, Dublin and Ireland look poised to take over as Europe’s Fintech hub with a host of companies offering innovative solutions centered on Blockchain. Let’s dive deep into the country’s Blockchain disruption potential:
Brexit’s effect and PwC Survey:
Post UK’s decision to leave Eurozone, a PwC survey found that ‘Dublin’ would top the list of Attractive financial centers in Europe. Ireland is already a center for innovation on many technological fronts in the European continent that hosts many influential European Tech companies. With Blockchain technology being the core of many innovations of the decade, start-ups in Dublin have already started working on improvising the tech to form a user friendly Blockchain ecosystem. With one leg already in core analytics and consulting, Dublin might as well prove out to be the next Fintech hub for Europe.
Irish Government’s support and Influence:
Dublin’s Grand Canal Dock area, now dubbed ‘Silicon Docks’, are the European headquarters of Google, Uber, Amazon, Airbnb, Facebook, LinkedIn and Twitter. IDA Ireland – the governmental agency is responsible solely for attracting foreign direct investment in the country. It has worked to provide tax breaks, logistical support and other incentives to create a favourable environment for businesses. The evolution of the strong tech industry that exists in Ireland today owing to years of consistent efforts put in by the Irish Government. The stage has been aptly set up for the confluence of technology and finance.
Private companies strengthen the web:
Many private companies have been keen to invest in finding solutions through blockchain. From Institutional Investors to companies, everyone has invested in Bitcoin and Blockchain based solutions out of Ireland. Pioneers amongst those would be Deloitte, who established the first Bitcoin ATM in the area. Following up, it has been instrumental in the Blockchain ecosystem development by organizing Blockchain Hackathon. The company has partnered with ‘Bank of Ireland’ to deliver real time solutions basing on Blockchain for identity management and post trade processing. Many other consulting and solutions based firms like PwC and Chainsmiths have contributed to the cause.