Blockchain technology is best known for its foundational role in cryptocurrencies like Bitcoin. But as you are no doubt well aware, it has evolved beyond its initial use cases to become a significant component in the modernisation of a variety of industries. And with Ireland renowned for its technological ecosystem, it’s no major surprise that blockchain is emerging as a transformative force.
With this in mind, let’s take a look at the role of blockchain in Ireland's tech industry, and how it could affect Irish tech jobs.
The Emergence of Blockchain in Ireland
Growth and Adoption
Ireland has positioned itself as a hub for technological innovation, with blockchain technology and artificial intelligence currently at the forefront. According to a report by Blockchain Ireland, the adoption of blockchain in the country is on the rise, with multiple startups and established companies exploring its potential.
The global blockchain market is expected to reach $39.7 billion by 2025, growing at a CAGR of 67.3% from 2020 to 2025, and Ireland is well positioned to capture a significant share of this growth.
Government Support
The Irish government has been proactive in fostering a favorable environment for blockchain development. The Department of Finance has recognized the potential of blockchain and has initiated a number measures to support its growth since 2022. This includes the National Digital Strategy which promotes blockchain education and research. On top of that, Enterprise Ireland has also funded numerous blockchain projects, underscoring the government's commitment to this technology.
How Blockchain is being used in Ireland
So now we know a little more about the background and support, let’s see what the current blockchain landscape in Ireland looks like. And yes, the idea here is to show just how many existing tech jobs opportunities that are already available here in Ireland.
Financial Services
One of the primary areas where blockchain has made a significant impact in Ireland is financial services. Irish fintech companies are leveraging blockchain to enhance security, transparency, and efficiency. For example, AIB has been experimenting with blockchain for secure transactions and fraud prevention. Similarly, Irish companies like Circle are using blockchain to facilitate instant and cost-effective international money transfers.
Supply Chain Management
Blockchain's ability to provide transparent and immutable records makes it ideal for supply chain management. Irish companies are adopting blockchain to track goods from production to delivery, ensuring authenticity and reducing fraud. OriginChain Networks, an Irish startup, uses blockchain to provide traceability solutions for various industries, including agriculture and pharmaceuticals.
Healthcare
Meanwhile, in the healthcare sector, blockchain is being used to improve data security and patient privacy. The HSE is exploring blockchain for secure medical records management. This ensures that patient data is tamper-proof and accessible only to authorized personnel, thereby enhancing trust and reducing administrative costs.
Real Estate
Blockchain is also making inroads into the real estate industry in Ireland. Property Bridges, a crowdfunding platform, is a good example of the tech in action. It uses blockchain to streamline property transactions, making them more transparent and efficient. Reducing the need for intermediaries means that blockchain can lower costs and accelerate the transaction process.
The Future Potential of Blockchain in Ireland
Legal and Regulatory Framework
For blockchain to reach its full potential in Ireland, we’re going to need a robust legal and regulatory framework. The European Union has been busy working on comprehensive regulations for digital assets, which will significantly impact Ireland. The Markets in Crypto-assets (MiCA) regulation was approved in 2023 and will come into full force in 2024. This aims to create a harmonized framework across the EU, providing legal certainty and protecting investors. Understandably, Ireland's alignment with these regulations will be crucial for fostering a secure and thriving blockchain ecosystem.
Education and Talent Development
Of course, the growth of blockchain technology in Ireland hinges on the availability of skilled professionals. We’re seeing more Irish universities and institutions offering courses and certifications in blockchain. But while this is great for the future, it doesn’t quite fulfill the immediate need for qualified professionals to fill the skills gap which brings us along to our next point.
Challenges and Opportunities
Whether you’re a candidate or an employer looking to embrace blockchain technology, there are countless opportunities in Ireland right now. But, this also means that there are a few obstacles to overcome first.
Technical Challenges
Despite its potential, blockchain technology faces several technical challenges. Scalability is a major issue, as current blockchain networks can handle only a limited number of transactions per second. Efforts are underway to develop more scalable solutions. Additionally, interoperability between different blockchain platforms remains a challenge, which needs to be addressed for broader adoption.
Skills Gap
The technological challenges also tie in with another major challenge in the skills gap. We already know that there is a major talent shortage throughout Ireland and the global economy as a whole, and when it comes to blockchain technology, that shortage is keenly felt. This is why colleges like UCD and Trinity College have introduced modules on blockchain to many of their courses. But as we said earlier, it’s not enough right now and that means that for the right, skilled individuals, there are innumerable opportunities for blockchain jobs in Ireland.
Blockchain technology holds a lot of potential for transforming multiple industries in Ireland. From financial services and supply chain management to healthcare and real estate, blockchain is already making significant inroads.
And with strong government support, a growing number of startups, and increasing investment, Ireland is well-positioned to become a leader in blockchain innovation. And as with AI in Ireland, blockchain could become one of the leading tech job sectors in the country.
Whether you’re an employer looking for the latest talent for your blockchain project or you are a candidate with the right skills, we’d like to hear from you. Get in touch with Software Placements today and let’s make your next blockchain move the right one.