With the UK on the verge of walking away from the EU with no deal, you’d be forgiven for assuming that terms such as zilliqa price and blockchain are pretty far from the UK government’s agenda just now. You would, however, be wrong.
As the government scrambles to get its trade deals and regulations sorted, before the imminent departure from the EU, some corners have referenced the world of decentralized digital currencies as a way around the anticipated robust trade arrangements to come.
Not long ago, in fact, the UK government released a paper calling for free and frictionless trade with the EU. Now, we know that Blockchain could certainly provide that. A no customs border, which the UK wants in an ideal scenario, is a pretty unlikely thing to happen, given the EU’s position on this and the challenges there would be in the arrangement of this. Indeed, the European parliament’s Brexit negotiator, Guy Verhofstadt labeled the idea as a fantasy.
A technology that is already well suited to having a no customs border, that is available now.
Trusted ledgers can be created and distributed using blockchain, that could potentially save the UK millions, if not billions. There’s nothing ‘dodgy’ about it either, as the database like ledgers keep a keen eye on everything, making sure that all the books are in order from transaction to transaction. It’s almost as it blockchain technology was designed with events like Brexit in mind. It wasn’t, but you can see how it suits. Where the UK is concerned, the application of blockchain would need to go far beyond its most common use, Bitcoin, as let’s face it, we’re dealing with an international powerhouse here.
You have to whisper it quietly these days, but, a lot of people still say that blockchain is the next big thing. Big accounting firms and banks are already dipping their toes in the water to see if it really is the future. Revolutionizing the way in which systems operate, blockchain could spell a new era in financial transactions, supply chain management, and government records. Quite convenient for a government going through such a cataclysmic change as the UK is right now.
Amongst other applications, blockchain would be really useful in managing customs systems. A borderless solution, as is favored by Britain, would require good to be tracked from source to import and the other way around too, blockchain could do this with ease.
The technology could be used to hold vital information about goods coming into the UK but destined for the EU. Tricky business without a workable trade deal, but blockchain speaks everyone's language and so no one really loses out. Data can be accessed from all sides, leading to complete transparency and even, dare we say it, some semblance of fairness and equity in all of this. Everything from origin and destination, to weight and dimensions, could be stored, accessed and edited from point A to point B, all thanks to blockchain technology. The UK’s interest is hardly difficult to fathom at this point. It’s a game changer.
All of this data could lead to an appropriate tariff being determined, whether that be at a lower rate for the UK, or the standard rate for the EU. Either way, it helps the UK government circumnavigate the added tariffs that some experts have been predicting for a long time now.
The security of blockchain is a big plus point, as once information is added, it is extremely hard to alter or modify without the appropriate permissions and access. Tracking and tracing would be a doddle, meaning that the likelihood of fraud was reduced dramatically. Before long, every single vehicle or mode of transport carrying goods from the EU to the UK and back the other way could conceivably be feeding into the blockchain, creating data and permanent evidence of transactions and trade, to be kept forever.
No one said Brexit was going to be easy, but blockchain technology could certainly help both sides of the argument to swallow the pill. Just think, perhaps Britain and the EU could work together on this, as flag bearers for the next and newest form of trade, tailored for the digital age. Most likely they’ll disagree on something and blockchain will be put on the back burner for the time being, but it’ll always be there, ready and waiting for the first government to take the plunge and adopt it as a viable way forward. Will it solve Brexit on its own? No. Could blockchain make the trade process a lot smoother? Absolutely.