The Brexit resultant issues have been heavy on Britain even with their status. The talk and push for Brexit resulted in some companies leaving Britain due to the forecast on the impact of the exit on business. For numerous other enterprises, they still are awaiting the outcome of the Brexit tussle, which has not been concluded yet.
To ensure continuous transactions of business presently and in the future, regardless of how the exit is done, there have been diverse solutions offered to solve the arising business issues. One of the top choices is Blockchain technology.
Blockchain technology, in the past few years, has been appearing in diverse industries and sectors. As the case may be, implementing the various use cases of blockchain technology could be one of the major solutions to the current situation facing Britain.
Does Blockchain’s Infancy Matter?
Unlike other well-known business solution that has been around for a long time, blockchain technology is a revolutionary and innovative technology which is just over a decade in existence. The extensive development of the blockchain has made its growth and development unprecedented.
For solving various challenges like supply chain management and border control, blockchain technology already proved its usefulness. Among other things, this relatively new technology will be useful in addressing some of the most challenging issues and stabilizing trading activities to a seamless level.
Is Blockchain a solution to the border issue?
When goods get across a custom borderline, the goods and its content have to be declared according to standard processes. Some of these goods have requirements for an accurate declaration.
For this objective, there are three main aims:
- Ensuring these import or export doesn’t pass the set quota
- Ascertaining that the quality is of standard quality
- Curtailing contraband or less standard products
However, importers could submit their electronic declaration even before the shipment arrives at the border. This will help custom officers classify to either casually or closely inspect. This will reduce the number of delays usually experienced at the border.
Utilizing the blockchain technology here will establish an enormous and accurate data trail for the goods coming in through these borders. This means the goods are properly labeled and digitized. Blockchain technology can handle and deliver the complete history of these goods.
Could Blockchain’s Transparency be an issue to supply chains?
Transparency and openness of blockchain technology are one of the huge reasons why there are numerous use cases for this technology. The publicly distributed ledger is only made available to those who are in the network. This still provides data security, and has an optimization level to keep data safe.
Blockchain technology promoted transparency and openness, even in the supply chain. But understanding the full extent of data security, it also provides adequate data security.
Blockchain solution with Cryptocurrency
One of the most used features of the blockchain technology so far has been the creation and use of the different cryptocurrencies. These are currently very useful for the exchange and transaction of value and buying and selling of goods and services.
In addition, the British pound could need some support for the period immediately after. For the transactions and transformation of the financial market, the cryptocurrencies are on the verge of being very instrumental.
Blockchain technology could be one of the best platforms through which global transactions and interactions can be carried out. Furthermore, with numerous use cases and famous applications, blockchain technology is the future.