The Finance Minister of U.K. Phillip Hammond stated that blockchain applications can help his country iron out the trade across the Irish border once the country drops out of the European Union. However, he clarified that at present he is not sure how blockchain will contribute to the process.
U.K. is dropping out of the European Union in 2019 which is why the country is concerned about how it will affect the trade with its neighboring countries. The finance ministry is also concerned regarding the impact of this decision on U.K. itself. Incidentally, Ireland is the only country that shares a border with U.K. and there is a huge amount of trading in between these two countries. That is why the decision is going to affect Ireland the most.
While voicing out his concern regarding how Ireland and U.K. will continue the trade after U.K. leaves the European Union, Hammond stated that blockchain technology can be the possible solution that can potentially tackle much of the related concerns. Both the countries have years of history of conflict, raging on both the sides, especially regarding a particular line on their map. Although Ireland and U.K. did establish peace during the 1990s it was an uneasy adjustment which largely rests on the fact that the Southern neighbor has to continue trade with U.K.
Although Hammond is not an expert in blockchain applications, he definitely must have heard about the potential of this technology. According to Hammond, “There is technology becoming available (…) I don’t claim to be an expert on it but the most obvious technology is blockchain.”
Hammond is concerned about losing post Brexit which is quite evident from this statement, said News BTC. But he is also not sure how the decentralized and immutable blockchain database can contribute to smoothening the path of cross-border trading.
The Treasury of U.K. stated that they are actively considering technologies like blockchain applications that can facilitate trading over Ireland land border in Northern Ireland, said BBC. The Treasury further added that the technological solutions will support the country’s commitment to no use of physical infrastructure on the border.
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