Blockchain. Blockchain. Blockchain. You’ve been hearing about it a lot recently.

In this post, I explain in more detail how Irish start ups are using blockchain technology to address significant challenges across multiple industries.

We recently held a blockchain event with industry leading speakers including Cristina Dolan — founder and CEO of InsideChains and COO and co-founder iXledger.

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Arc-Net

Do you “TRUST” where your food or drink is sourced? 

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Arc-Net, a company based in Belfast, were the first company to apply block chain technology  for supply change management. Over the last few years, there has been numerous scandals in the food industry. One prime example is the Honeygate scandal where consumers thought that they were buying real honey from Europe when it was actually fake honey from Asia.

Brendan Symth, Chief Development Officer of Arc-Net.io quantified the problem further. “Three people per day die in the US due to poor supply chain management in pharmaceuticals” and added that “each household in the UK spends $700 per year on falsely advertised food’.

Arc-Net uses blockchain technology to enable companies and customers verify where ingredients were sourced and provide complete transparency throughout the supply chain (“From farm to fork”). The company recently raised a 3 million funding round and works with leading food and drink brands. They were awarded with the “Startup of the Year Award” at the 2017 Digital DNA Awards. The company has also been selected for multi-million-pound EU-China food safety project.

Follow them on  Twitter.

AID-Tech

How can charities & donors ensure that the appropriate parties are benefiting from donations?  

BLOCKCHAIN! Niall Dennehy, COO of AID-Tech, explained how they use blockchain to support charties across the world support people in need. “Our aim is to provide digital identities to the 2.4 billion undocumented people around the world.” AID TECH, who partnered with RedCross and the UN,  work with governments and NGOs to increase efficiency in the flow of funds and welfare services, as well as to make the process of receiving donations more transparent, traceable, and immutable.

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They entered a pilot program with Red Cross which provided Syrian refugees with vouchers to buy goods and services whilst enabling Red Cross and donors trace where their money went real time. The company has won numerous awards including the IBM #1 Global Start Up 2017 award and were recently presented with the “CITI – James Wolfensohn Game Changer Award” by Managing Director of the IMF, Christine Lagarde.

Follow them on Twitter.

Gecko Governance

The first Blockchain work-flow management solution to manage regulation and compliance. 

The financial crises broke the public’s trust in the banking system. As a result, financial institutions have come under increased scrutiny and are subject to onerous regulatory requirements. Compliance and legal costs have soared and limited the ability of organizations to operate in certain markets.

Shane Brett, CEO of GECKO Governance, explained the importance of being able to demonstrate compliance to the regulator. “A bank may be compliant, but if they can’t prove it, they could still incur massive fines”. Transparency and traceability are key.

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GECKO Governance is the first RegTech blockchain solution to enable fund managers and banks have complete and instantaneous visibility into all the processes taken to remain compliant. The system is used to support organizations comply with multiple onerous regulatory requirements (like Anti Money Laundering regulations) and to monitor compliance in real time. In addition, regulators have access to complete audit trails. This reduces legals costs incurred during regulatory audits and reduces the risk of penalties which would have a significant impact on the reputation of an organization.

Follow them on Twitter.

The Blockchain Revolution

Blockchain will transform industries and how we live our day to day lives. Irish companies are leading that transformation.

Miss the Event? Catch a recording on IrishCentral.com