Although the issue of Brexit is filled with so much speculation, however, some measures are being put in place to prevent a fallout when it comes to trading with Ireland, the U.K is yet to decide on which direction the trade treaty between the two nations will go. This was made evident in the statement of the UK finance minister, Phillip Hammond, where he said that blockchain technology could help smooth trade across the Irish border after the U.K. leaves the European Union. How this will work is still unclear to all parties involved.
The minister is of the opinion that the adoptions of blockchain technology by the U.K Government will be of great benefit toward ensuring a better trade agreement between UK and Ireland once the Brexit policy kicks in.
Trade Between Ireland and the U.K after Brexit Might Worsen
Hammond also made it known that he is not sure of the use of blockchain technology for this type of purpose and that his statement is more of an intuition than a fact.
The trade relationship between Britain and Ireland has never been a smooth one and since Ireland is the only country sharing borders with the UK, it becomes very important for the two nation to agree on how to deal with the changes Brexit will cause to their trading relationship.
This is why the minister believes all available options which include blockchain technology needs to be considered in order to find the perfect solution to this pressing needs even before Brexit takes hold.
Experts Fin. Minister’s Statement is Flawed
Blockchain technology Experts are of the opinion that the statement coming from the Minister is inaccurate to some extent and that his level of knowledge when it comes to blockchain technology is quite low. This is because blockchain technology has no feature that qualifies it for use at border checkpoints in case Brexit leads to a hard border between the two countries.