Head Of British Ministry Of Finance Proposes To Use Blockchain For Trading
Philip Hammond, the British Chancellor of the Exchequer, stated that blockchain technology can help to solve the trading issue on the Irish border, The Irish Times reports.
In connection with Brexit, Hammond considers blockchain technology to be the most applicable solution to the problem of cross-border trade across Ireland.
According to the information reported by Forbes this winter, the UK and the EU agreed that the border between Northern Ireland and the Republic of Ireland will remain open. Nevertheless, both parties are still working on the realization of such an agreement.
Given the fact that the UK is about to withdraw from the EU Customs Union, border control will be introduced between the two "Irelands", since the republic is a EU member.
According to the chief treasurer, over the past 20 years, product quality regulation in the EU has been permanently stable enough, while standards of EU financial systems do not evoke the same certainty.
In London, the authorities proposed to draw up a free trade agreement with continental Europe, but in this case, rules for identifying product country of origin are necessary to comply with the established rules. Blockchain will solve this problem through direct tracking and registration of cross-border goods transportation.
As previously reported, a blockchain platform for registering sea vessels in Britain is planned to be introduced.