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The representatives on either side of the Brexit discussions are yet to decide on the future of the border between the Republic of Ireland and Northern Ireland. Even though the British Chancellor of the exchequer Philip Hammond admitted that he lacks the necessary knowledge about the use of blockchain technology, he went ahead to say that this is the future.
Mr. Hammond additionally said that blockchain technology is not only a secure but also a highly transparent database. It can be used by both public or more private groups, and with it the British government could benefit from blockchain technology and achieve an efficient and smooth way of commerce after Brexit.
In a conference of the Conservative (Tory) Party, Mr. Hammond supported the decision of the Prime Minister, Theresa May’s plan for the exit deals regarding Brexit.
Blockchain technology can help tracking all sorts of goods from the beginning of the process to the very end and it could be the reason that will contribute to opening the border between the Republic of Ireland and Northern Ireland. What will be the final decision about the Irish borders in the upcoming future continues to be the subject matter for those involved in the Brexit discussions.
In December 2017 it was decided that the border between the Republic of Ireland and Northern Ireland will remain open because the European Union and the United Kingdom were sure about Brexit; however, they never really worked out the details of the plan and how they should actually proceed forward with it.
Negotiators seek the aid of innovative and futuristic methods to keep the Irish border open. In the Good Friday Agreement Peace Deal, they just might decide that blockchain technology is the solution that they have been looking for. This rapidly growing and popular decentralized technology that is being used by any type of cryptocurrency like Ethereum and Bitcoin could be used to track and record every movement across the border. However, the entire process of developing such a technology based on blockchain along with building and implementing a customized system designed for the particular conditions of the border will be extremely expensive. The Brexit negotiations might not have the resources or time to invest in blockchain technology.
No matter what both parties that involved in the Brexit discussions may decide, right now the borders between the Republic of Ireland and Northern Ireland can constitute as a risk. The solutions are incomplete, and their credibility is still under the shadow of huge question mark.