An Irish University study asks for more actions from the government to promote the blockchain technology, reported The Irish Times on May 11.
A research conducted at the National University of Ireland (NUI) Galway proposed recommendations to the Irish Government regarding the positive impact the blockchain technology could have on the economy.
Dr. Trevor Clohessy at NUI spoke about the study and believes national initiatives with the blockchain technology should be taken into consideration.
“One of the benefits of blockchain is that once transactional data has been entered into the digital ledger it is immutable, which means it is not possible to either amend or remove data entered, ensuring the integrity of all transactional records. And its shared ownership makes it less vulnerable to cyberattack. Beyond business, other beneficial uses of this technology would be in voting machines and ballot boxes to address electoral fraud and potentially looking at a blockchain enabled technology-controlled border identification system that could provide a possible solution to the current North/South Brexit border challenges.”
The study was made in collaboration with the Blockchain Association of Ireland and is called “The adoption of Blockchain in Ireland: Examining the influence of organizational factors.” Only 40% of Irish companies have embraced the blockchain technology, which is low, according to researchers.
The study shows that the key factors that have a negative impact on the blockchain adoption were support from top management, organizational readiness, legislative uncertainty, and a lack of business cases and in-house expertise.
Another recent similar study showed that “30% of financial executives plan to commit resources to blockchain in the next year and a half.”