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The Cutting-Edge Technology Blockchain Could Help Facilitate Post-Brexit Trade

Governments over the world have been exploring the use cases for blockchain as they see how adaptable it may be. Presently, some in the British Government have been purportedly considering if the cutting-edge technology like blockchain could be sent post-Brexit to help encourage the exchange between Ireland and Northern Ireland.

At the point when asked about some information about the arrangements identifying with the fringe issue at the Conservative party conference, the Chancellor of the Exchequer, Philip Hammond commented how “the most obvious technology the blockchain is”.

Blockchain In Post-Brexit

As per the BBC’s Rory Cellan-Jones, Her Majesty’s Treasury said that they were investigating the technological solutions that bolstered “our responsibility to no physical infrastructure at the land fringe”.

Cellan-Jones likewise wrote how he had been reached by individuals handing-off accounts of government offices, similar to the Land Registry and Revenue and Customs branches, who have begun to grasp blockchain technology.

Up until this point, specify of blockchain has been exceptionally uncommon in Brexit transactions, but some figure that the technology could play a significant role down the road.

Some think that the ability to use this technology for tracking as well as identifying the goods could make it easier for customs authorities in Britain and the European Union to ensure a trade agreement is being legitimately pursued.

However, others theorise the actual procedure of making blockchain-based custom or trade system would be too long and costly, expecting the technology really could make it into the Brexit transaction discussion.

An Applicable Supply Chain Solution

Regardless of whether blockchain is disregarded by those at the Brexit negotiation, it has undoubtedly caught grabbed the eye of the global supply chain industry.

The collaboration between shipping goliath Maersk and IBM on a blockchain-based shipping solution was reported by CryptoGlobe. Up until now, the partnership features more than 90 members, and the platform has followed more than 154 million shipping events.

The FedEx founder and CEO Fred Smith noted at the Consensus 2018 meeting in May how the blockchain technology could potentially revolutionise the logistics industry.