Blockchain Technology in the Context of Brexit
With the ongoing discussions about Brexit and the Irish border, the idea of using blockchain technology as a solution has been brought to the forefront. However, the true applicability and effectiveness of such a solution have come into question.
A Multifaceted Concept
Blockchain technology was born as a niche idea in fringe circles but has since evolved into a widely discussed topic in business and political circles. There are various interpretations of what blockchain means and what it can do, leading many to believe that they need a blockchain solution even if they are not experts on the technology.
The Use of Blockchain in Supply Chain
One potential application of blockchain technology in the context of the Irish border is to use it to keep track of goods throughout the global supply chain. Companies such as London-based startup Provenance have utilized blockchain to track the movement of goods, such as tuna, from the source to the end consumer. Similarly, IBM and shipping giant Maersk have launched a blockchain venture called Tradelens, which utilizes a digitized ledger to share digital certifications and provenance information about cargo.
Hypothetical Application in Brexit Britain
In the event that Theresa May’s Chequers Agreement is implemented, a blockchain system could potentially be used to document British goods’ movements through the supply chain to verify their compliance with the EU rulebook. However, even if such a blockchain were to be implemented, it would not solve all the problems that would arise at the Irish border post-Brexit.
Challenges and Limitations
While a blockchain-based certification system might be more efficient than the current paper-based system, it would still introduce delays that could disrupt the just-in-time supply chain products crossing the Ireland-Northern Ireland frontier. Additionally, there are concerns about the practicality and effectiveness of using blockchain technology to automate customs duty payments at the border.
Conclusion
The idea of utilizing blockchain technology to address the complexities of the Irish border in the context of Brexit is intriguing, yet it raises numerous questions and challenges. As the discussions surrounding Brexit continue, the true potential of blockchain in this specific context remains uncertain. It is apparent that while blockchain technology has the potential to offer innovative solutions in certain domains, its application in the context of Brexit and the Irish border presents unique challenges that cannot be overlooked.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
