A solution to providing frictionless trade across the Irish border after Britain leaves the European Union might be found using technology such as Blockchain, finance minister Phillip Hammond said on Monday
Being both an English lawyer and an enterprise blockchain OG, I feel uniquely qualified to add my 2p to this discussion.
@10DowningStreet, Blockchain can't fix Brexit. Remaining in the EEA will fix Brexit. https://t.co/MVhCyXpZjq
The British government is currently pushing a very nonsensical and vague argument that "technology" will address the challenges that arise from Brexit. Hammond is just throwing "blockchain" out as a buzzword, because blockchain is technology, so it sounds like he's backing up the government logic that "technology" is the answer.
Nobody in the government can tell you how, or which technology is actually going to address any particular problem. Indeed in this case blockchain had nothing to contribute regarding the NI border. The key sticking points are import taxes and the rules about what can imported. It doesn't matter what currency you use, it doesn't matter if you register all imports on the blockchain, because that doesn't answer the questions of which rules are apllied, how are they enforced, and who collects the taxes? For example, I ship millions of tons of dehydrated milk powder to NI, and I want to move it into Ireland. Right now there's no agreement about who's import tax rules will apply. Using a blockchain isn't somehow going to make the EU say "sure, just waltz across the border, we don't know what's in that milk powder, and we know you charged less import duty than we would have, but forget all that, you've got a blockchain, come on in!"