Dr Trevor Clohessy will discuss the fundamentals of blockchain and provide an overview of the technology’s evolution and potential applications. He will then discuss the findings of an industry report he co-authored and lead in conjunction with the Blockchain Association of Ireland. The report entitled ‘The adoption of Blockchain in Ireland: Examining the influence of organisational factors’ investigated the organisational factors that influenced Irish companies in their decisions to adopt blockchain.
The study looked at key organisational factors that influence blockchain adoption in Irish companies. Interviews were carried out with 20 organisations in Ireland, divided over different sectors such as financial, IT, education, fishing, gaming, legal, marketing and mobile app development and data was collected from representatives within these organisations in different management backgrounds that included IT, company owners, researchers and directors.
Support from top management and organisational readiness were identified as key enablers for blockchain adoption. While legislative uncertainty, a lack of business cases and a lack of in-house expertise, were cited as the main reasons by decision makers for not adopting blockchain, and its association with initial coin offerings and digital currencies, such as cryptocurrencies, which were perceived negatively.
The study revealed three patterns pertaining to the adoption of blockchain in Ireland:
1) Top management support positively influences blockchain adoption;
2) Large enterprises are more likely to adopt blockchain than SMEs due to budget and available resources;
3) Organisational readiness is an ‘enabler’ for blockchain adoption – employees with the requisite blockchain IT knowledge and skills.
The key findings from the study demonstrate that blockchain is not confined to financial technology and financial sectors, and welcomes further government action and strategic policy to promote blockchain more broadly to encourage universal engagement, such as the roll-out of a national, government-backed blockchain initiative like other developed countries.
The report can be viewed here:
Talk Duration: 20 minutes