Ireland has the potential to become a global hub for blockchain innovation

Baozou Comment : The blockchain hackathon event hosted by Chainsmiths and sponsored by Fidelity Investments, Deloitte and the Bank of England will start on November 4. This event is due to the success of the first hackathon last year and the continuous development of Dublin. Sponsors believe that Dublin will become a hub for blockchain. I believe that with the support and sponsorship of these companies, it is very exciting to build the Dublin blockchain hub.

Translation: Nicole

At Dublin City University, more than 150 technologists and fintech entrepreneurs will collaborate in what organisers claim is the world’s largest blockchain-based hackathon.

This is the second time that the hackathon event, Alpha, a sales event held by Dublin City University (DCU), will bring together 150 attendees to create new applications and services by using blockchain technology.

Blockchain technology — the technology that underpins emerging digital, virtual or cryptocurrencies — consists of blocks that hold time-stamped batches of recent valid transactions, forming a chain, with each block reinforcing the previous ones.

'Today's event gave us the opportunity to meet the talented people who are building the technology of tomorrow today, and to mentor and exchange ideas with each other.'

—DAVID TIGHE

The event, which kicks off today (4 November), is hosted by Chainsmiths and sponsored by Fidelity Investments, Deloitte and the Bank of England. The involvement of these blue chip names reinforces the importance of the technology, which has huge implications for the financial and insurance sectors.

Kevin Loaec

Event curator Kevin Loaec, managing director of Dublin-based blockchain consultancy Chainsmiths, said Ireland is well-positioned to become a global hub for blockchain innovation.

Loaec said:

“Based on the success of last year’s event and the continued growth of the Dublin ecosystem, we had to do it again. Our sponsors see Dublin as a hub for blockchain.”

“Many other multinational companies have also announced that they are working on this technology in their Dublin labs. This year the focus is not just on Ireland but on global impact. The proof is in the demand, with over 30% of attendees coming from abroad. Over the past year Chainsmiths has become an international company with a global client base.”

Blockchain will be the cornerstone of future business models

The Blockchain Hackathon brings together the best of the industry, focused on solving the world’s biggest technology problems; from financial services, health, insurance, copyright and more.

Hadley Stern

Hadley Stern, senior vice president and general manager of Fidelity Labs Boston, said:

“Fidelity is committed to exploring emerging technologies and finding new ways to provide our customers with the best possible business experience.”

“Our innovative approach has resulted in many groundbreaking changes that have significantly transformed the lives of our clients. Blockchain technology has the potential to be one of the most important innovations the global financial services ecosystem has ever seen.”

Deloitte’s financial director Lory Kehoe said:

“What we are seeing in Ireland right now is widespread interest and curiosity in blockchain applications. Leading organisations are quick to see the potential of the technology.”

“More than 50 of the world’s top financial services firms are now actively experimenting with the technology, with increasing interest in pilot projects rather than proofs of concept. Deloitte’s EMEA Grid Blockchain Lab is designed to help clients through workshops and intensive training, and to help them develop meaningful pilot projects and prototypes, with the ultimate goal of creating solutions that can be put into production.”

With a mentor team comprised of the most innovative minds in blockchain, €8,000 in cash prizes and a stellar lineup of speakers throughout the weekend, this event will undoubtedly make its mark internationally.

David Tighe, head of innovation at Bank of Ireland, said that future business models will be developed, managed and owned by communities powered by blockchain technology.

Tighe said:

“Bank of Ireland is continually looking at how it can improve the customer experience through technology and innovation, while ensuring systems and procedures can account for the changes that will occur when regulatory requirements are introduced into Europe.”