Dublin: Blockchain Capital of Europe
Dublin is more than just Guinness and castles, it’s a city geared towards the future and exploiting every opportunity thrown its way. It’s fast growing into one of Europe’s most influential tech hubs, spoken of in the same breath as London and Berlin. In particular, it’s leading the way in blockchain, with a number of major players moving to the area.
The Home of a New Breed of Company
Ireland was hit particularly hard during the global economic downturn, but it has bounced back — its recovery driven primarily by tech. Since 2008, more than 1,400 Irish SMEs have raised venture capital of €4.8bn. According to the Irish Venture Capital Association, these funds created up to 20,000 jobs and over €2bn of capital into Ireland.
In April, Dublin’s place in the blockchain scene is being recognised by the International Organization for Standardization (ISO), a standard-setting body headquartered in Geneva and comprised of representatives from various standards organisations across the world. The ISO is hosting a conference in Dublin focusing on the standardisation of technology, with blockchain expected to feature heavily as the powers that be attempt to grapple with its rise. Choosing to host the event in Ireland is reflective of the country’s efforts in the space.
It’s not just the ISO, either. US blockchain giant ConsenSys, which develops solutions on Ethereum, is launching its third European hub in Dublin’s answer to Silicon Valley, Silicon Docks. They have rented a 6,000 sq ft office, signed up 12 people so far and has plans to increase the team by 60 engineers and business admin professionals within the next year. This will serve as the firm’s headquarters for its Europe, Middle East and Asia operations.
Speaking to Cointelegraph, ConsenSys Ireland MD Lory Kehoe explained that: “What is surprising is the amount of blockchain activity taking place in Ireland. While the blockchain ecosystem is relatively new in Ireland we are seeing rapid development of the market here.”
Consensys join a growing number of indigenous and multinational companies operating in the blockchain space, including Coinbase, Aid:Tech, ArcNet,Circle, and First Data. Other more-established companies are also using Dublin as a base from which to grow their own crypto projects. Deloitte, for one, has built a dedicated blockchain laboratory in Dublin. Mastercard too has announced recently that it plans to hire a number of blockchain experts at its facility based in the south of Dublin.
Developers Wanted
At present, Dublin is struggling with a talent problem. As the industry heats up in the country, finding skilled workers is becoming a bottleneck for many Irish firms looking to develop blockchain technology. Some companies have taken to funding their own scholarships, as well as training staff from other tech backgrounds to convert them into makeshift blockchain technicians.
“(It’s) not just for Dublin and Ireland, blockchain talent, in general, there’s very little of it. There’s more and more people who come in (to Circle) and might not necessarily have that on their resume — but they have a very keen interest in it,” says Marieke Flament, European managing director of Dublin-based payments company Circle.
Dan Fleming, head of Mastercard’s R&D lab in Dublin, told The Journal that it will be up to universities to address the talent gap in the long term. “I think universities have a bit of ground to cover with regards to putting courses in the decentralised and blockchain space out there for students to subscribe to,” he said. “It’s now a fundamental piece of new enterprise technology that can be used by companies for solutions, and we do need more professionals. I think more courses in that area would be valuable over time.”
In an attempt to rectify this problem somewhat, Consensys has launched Ireland’s first blockchain scholarship, in partnership with University College Dublin, Dublin City University and Trinity College Dublin. The scholarship will help fund students at master’s level while giving the students access to the company’s dedicated education arm, ConsenSys Academy. If other big names in blockchain follow suit, Dublin will see blockchain experts flocking to find their place in what is a growing market of opportunity.
A Bright Future?
The growth of the blockchain industry comes as the city looks to benefit from Brexit and the disruption it will cause to its neighbour to the east, the UK. A number of tech companies are making the move to Dublin with Google and Facebook among those upping sticks and moving their EU headquarters to Ireland from London.
As part of their efforts to keep this momentum going, the Irish Governmenthas approved €175 million for investment to support the development of high-growth Irish companies focusing on the need to grow jobs and generate large amounts of additional exports. As of December 2017, 9 funds supported under the Scheme had a combined total fund size of €700 million.
As well as its thriving tech scene, Dublin is a tourist hotspot for a reason. Consistently featured in lists of the most liveable cities on earth, the Irish capital is stacked with pubs and museums along its historic and iconic cobbled streets. As cities across Europe compete for young talent — as universities have begun to offer blockchain courses the long term will see an army of qualified graduates — it will be those that offer more than just a thriving tech scene that come out on top.
We’re looking for a new city for Primalbase. Where would you like to see us open up one of our shared workspaces for the tech community next? Dublin? We want you to have your say. Nominate the city you think we should next launch in here.
