We've always been avid supporters of the blockchain network, and covered its potential uses numerous times in our previous articles. However, we haven't always talked about the regulatory issues that blockchain implementation has to deal with.
According to recent reports, there are numerous blockchain-based start-ups looking to set foot in Ireland, yet they're all dealing with some regulatory conflicts. This is mostly so due to the fact that blockchain technology is decentralized by its nature, which is the main reason why financial frameworks alongside with money transmission regulation does not apply to the distributed ledger technology, thus coming into conflict with it.
A non-profit group known by the name of the Blockchain Association of Ireland will launch in the second week of December, and attempt to find smart ways to bridge the gap between the numerous blockchain start-ups alongside with large-scale institutions, in order to facilitate the establishment of Ireland as a global hub for FinTech.
In a recent press statement, Reuben Godfrey, the co-director of the non-profit organization has mentioned that: “The association primarily bridges the gap between informal and formal networks to open the public dialogue and advance Ireland as an innovative hub for technology and the multiple societal and commercial applications of Blockchain. We are non-profit and member-led and will facilitate workgroups, seminars, and trainings with the aim of producing practicable white papers in all the key verticals [specific markets]. We aim to bring the Irish Blockchain community together at our annual summit, Deepgreen 2017, in April of next year.”
While Bitcoin still remains the truly successful blockchain project throughout the world, this doesn't mean that the technology cannot deal with other projects, especially considering the fact that it is extremely secure, and viable at all times due to the way it's built.
Godfrey continued by stating that: "Bitcoin should always be part of the conversation but the industry has gone through something of a gentrification period in the past year and many corporations now prefer the term ‘DLT’ – Distributed Ledger Technology – to describe it,”
However, finding regulatory peace can often by a challenge for blockchain and bitcoin-based companies, considering the fact that not many governments are willing to take the steps needed to facilitate the implementation of such a technology. Regardless, recent events do indeed prove that we are going forward, which is great news for blockchain and bitcoin fans throughout the world.
Based on everything that has been outlined so far, what do you personally think about the effort being carried out in Ireland, to help create a great blockchain ecosystem, thus finding regulatory peace? Let us know your thoughts in the comment section below.