Trade

Blockchain, Brexit and the Irish border

A solution?

Mark Townsend Mark Townsend October 12, 2018
1 minute read
brexit-ireland-blockchainLand
Source: Forbes

When asked to describe the UK government’s plans on how to reach a frictionless trade deal with Ireland post-Brexit, finance minister Philip Hammond was quick to cite blockchain technology as a potential solution.

The British finance minister, Philip Hammond, has states that blockchain technology can help settle the issue of trade across the Irish border.

“There is technology becoming available […] I don’t claim to be an expert on it, but the most obvious technology is blockchain,” Hammond answered in the British parliament when asked how the government plans to achieve frictionless trade after Brexit.

While the EU and the UK are both in agreement that the border between Northern Ireland and the Republic of Ireland should be left open, they are still uncertain of how that could logistically be made a reality.

Dublin will continue to insist, and whether there is a “hard” Brexit or a “no-deal” Brexit, the border remains open – which is entirely understandable considering the political emotions a patrolled border might stir, not to mention the extent to which the Republic of Ireland relies on trade with the UK.

Can blockchain make a Brexit deal happen?

The UK accounts of 16% of Irish exports and 39% of its imports – barriers to trade could severely harm both sides. Ultimately, the view on both sides is that in the absence of a deal, some system of regulatory alignment should be set to go into force between the Republic of Ireland and Northern Ireland.

That is where blockchain technology could come in, to ensure the existence of regulatory stability across that border. Blockchain technology could be used to facilitate multiple transactions being made across the border, rather than relying on current platforms or actual physical records. The technology would allow for transactions to be recorded transparently, as we have seen from Accenture’s efforts to apply blockchain to shipping, as well as Australia’s Commonwealth Bank initiative to track the shipment of almonds to Europe.

Building and then implementing a customs system based on blockchain technology would be costly and time consuming for all parties involved. However, such a customs system could serve as an essential fall back in the event that the UK and the EU have not reached an effective agreement by 2019.

Mark Townsend

Mark Townsend

Mark Townsend was born in Canada where he studied literature and history. He is a passionate crypto currency trader avidly following the development of blockchain technology in different fields. He is also interested in international relations and local politics. His primary aims are to travel and write.

Related Articles

Power-Ledger-KEPCO-P2P-energy-trading
August 15, 2019
84

Power Ledger Successfully Trials P2P Energy Trade in Japan

agriculture-trade-grain-blockchainLand
November 5, 2018
38

Agriculture giants join to digitize grain trading

tuna-blockchain-tracking-blockchainLand
June 6, 2019
60

Bumble Bee Foods and SAP To Track Tuna Using Blockchain

blockchain-blood-diamonds-congo-BlockchainLand
October 8, 2019
34

Blockchain to Help Fight Against Blood Diamonds in Congo

219 Comments

  3. In addition to treating ED, Cialis and tadalafil are also used to treat benign prostatic hyperplasia BPH and pulmonary arterial hypertension PAH generic 5 mg cialis In fact, this rhino 6500 male enhancement liquid rhino 6500 male enhancement liquid young man walked fast enough

  8. Median effect analysis showed additive or less than additive combination effects between tamoxifen and chemotherapeutic agents and only a minimal synergism in a narrow range of maximal cytotoxicity fraction affected 0 lasix definition

  9. Arrows point to the first molar tooth germ and arrowheads point to the supernumerary tooth germ buy cialis generic online Although it is widely accepted that development of VTE is multifactorial, the increased rate of chemotherapy induced VTE occurring in advanced breast cancer patients as compared with adjuvant patients suggests that other mechanisms may be occurring in the former group

  13. We found that protein levels of PP2B and NFAT2, a major PP2B phosphatase target, were significantly upregulated in BSMKO VSM cells compared with WT Figure 6A stromectol price philippines However, little is known about what controls this binary decision or whether this decision can be reversed

  14. Most cancer patients have a deficiency of digestive pancreatic enzymes p reddit where buy priligy So if you imagine that you take that flat muscle that s attached to all those places and you pull it forward and you keep it pulled forward for weeks, what s going to happen is it s going to start tugging at those places where the muscle attaches

  29. Excellent read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch as I found it for him smile Thus let me rephrase that: Thank you for lunch!

  35. Oh my goodness! Amazing article dude! Thanks, However I am having issues with your RSS. I donít know why I cannot subscribe to it. Is there anyone else getting the same RSS issues? Anybody who knows the answer can you kindly respond? Thanks!!

  46. I have seen plenty of useful elements on your web-site about computer systems. However, I’ve got the judgment that notebooks are still less than powerful sufficiently to be a wise decision if you generally do jobs that require loads of power, including video enhancing. But for world wide web surfing, statement processing, and the majority of other prevalent computer functions they are fine, provided you may not mind the tiny screen size. Appreciate sharing your thinking.

  66. Thanks for the good writeup. It in truth used to be a amusement account it. Glance complex to more added agreeable from you! By the way, how can we keep up a correspondence?

  77. Thanks for another excellent post. Where else may anyone get that kind of info in such a perfect approach of writing? I have a presentation next week, and I’m on the look for such info.

  120. Hello, There’s no doubt that your web site may be having internet browser compatibility problems. Whenever I look at your site in Safari, it looks fine however, if opening in I.E., it has some overlapping issues. I simply wanted to provide you with a quick heads up! Aside from that, fantastic website!

  124. Howdy! I could have sworn I’ve been to your blog before but after going through some of the articles I realized it’s new to me. Anyhow, I’m definitely delighted I discovered it and I’ll be book-marking it and checking back often.

  127. Aw, this was an incredibly good post. Finding the time and actual effort to produce a great article… but what can I say… I put things off a whole lot and don’t manage to get anything done.

  153. I blog quite often and I genuinely appreciate your content. The article has really peaked my interest. I will take a note of your website and keep checking for new information about once per week. I subscribed to your Feed as well.

  158. I seriously love your website.. Pleasant colors & theme. Did you develop this website yourself? Please reply back as I’m trying to create my own website and would like to find out where you got this from or what the theme is called. Appreciate it.

  164. I’m amazed, I must say. Seldom do I encounter a blog that’s both equally educative and amusing, and let me tell you, you have hit the nail on the head. The issue is something too few people are speaking intelligently about. Now i’m very happy that I came across this during my search for something regarding this.

  167. Hello there, I do believe your website might be having browser compatibility problems. When I look at your website in Safari, it looks fine however, if opening in IE, it’s got some overlapping issues. I merely wanted to give you a quick heads up! Aside from that, great blog.

  171. Howdy, There’s no doubt that your web site might be having web browser compatibility issues. When I take a look at your website in Safari, it looks fine however, if opening in Internet Explorer, it has some overlapping issues. I simply wanted to give you a quick heads up! Other than that, fantastic site!

  176. Primary and secondary alterations of neonatal carnitine metabolism buy isotretinoin acnetrex Support groups can be found through the Cancer Support Community, the American Cancer Society, and many other community resources, including the social work departments of medical centers and hospitals

  181. The very next time I read a blog, Hopefully it won’t disappoint me as much as this particular one. After all, I know it was my choice to read through, but I genuinely believed you’d have something useful to say. All I hear is a bunch of complaining about something that you can fix if you were not too busy seeking attention.

  190. Thanks for your posting. One other thing is when you are promoting your property yourself, one of the concerns you need to be conscious of upfront is just how to deal with home inspection reviews. As a FSBO seller, the key to successfully shifting your property as well as saving money upon real estate agent profits is awareness. The more you already know, the softer your sales effort are going to be. One area when this is particularly important is home inspections.

  199. Comprehensive side effect and adverse reaction information. Prescription Drug Information, Interactions & Side.
    https://stromectolst.com/# ivermectin 6mg
    Prescription Drug Information, Interactions & Side. Everything what you want to know about pills.

  206. Your style is really unique compared to other people I have read stuff from. Thank you for posting when you’ve got the opportunity, Guess I’ll just book mark this web site.

  216. Signing the declaration by both prime ministers is not only a symbolic termination of misunderstandings concerning the amendment of the Act on the Institute of National Remembrance, but also, and especially, an opening of a new chapter of mutual relationships propecia amazon Hi Lynne, My Mum in Australia was looking for some where to buy it there, where did you get yours

Leave a Reply

Your email address will not be published.

Close