If information on consignments, entered on a blockchain, can be traced efficiently with a QR code and stays on the ledger forever; if the immutability of blockchain-entries means no one can make false declarations for lower tariffs; and if product inspections at borders can be made a tad easy and fast – that can mean a lot – for UK in a post-Brexit scenario.
Yes, bureaucratic burdens and delays can find some solutions with use of this advanced technology. At least, some people are pinning down their hopes on that. Like a business chamber in south-west England that has used blockchain for certification of an export consignment.
This is significant as certificates of origin, which are usually provided by chambers of commerce, need custom-relevant proofs of where goods were made. Post Brexit, the UK will have to address many such complex ‘rules of origin’ work and documentation.
Transparency and speed – that’s what blockchain can bring in such entry-heavy scenarios.