UK Finance Minister Believes Blockchain Could Solve Brexit Border Issues
With so much uncertainty and speculation associated with “Brexit”, the UK finance minister, Phillip Hammond has made it known in a statement that: blockchain technology could help smooth trade across the Irish border after the U.K. leaves the European Union. How this will be done is still yet unclear to many including Phillip himself.
Blockchain
The U.K Finance Minister believes a proper implementation of blockchain technology by the UK government goes a long way in helping towards a better trading relationship between the country and other closeby nations, Ireland especially.
Trade Between Ireland and the U.K After Brexit Might get Rocky
The Minister has however made it know that his statement should not be held on to, as he does not really know much about blockchain technology. He made it clear that since Ireland is the only country sharing borders with the U.K so it is expected to feel the impact of the Brexit the most. As a result of this, the minister believes all options to make trading between the two nations easy and smooth needs to be explored. His belief is that blockchain technology is a great candidate for this.
The trade issues between these two countries have not always been a smooth one, and it is laden with years of conflicts and the uneasy peace established in the late 1990s depends greatly on the fact that Ireland has to carry out trading operations with the U.K. to the north. As a result of this, everyone concerned in making these decisions needs to sit up and figure out a perfect solution to keep this peace.
Experts Believe the Idea is Faulted
Experts believe this statement coming from the Minister is quite ridiculous and it shows how poorly informed he is when it comes to blockchain technology.
They are of the notion that although blockchain is a robust technology with many features, it has no characteristics that make it well-suited for reducing necessary border checks on goods in the event that a hard border between the U.K. and Ireland once the Brexit takes full hold.
