Blockchain Considered As A Tool To Facilitate Post-Brexit Trade

Governments across the world have been exploring use cases for blockchain as they understand how flexible it can be.

Now, some in the British government have been allegedly mulling over if cutting-edge technology like blockchain could be deployed post-Brexit to help facilitate trade between Ireland and Northern Ireland.

When asked about solutions relating to the border problem at the Conservative Party conference, the Chancellor of the Exchequer, Philip Hammond, remarked how “the most obvious technology is blockchain.”

Blockchain In A Post-Brexit World?

According to the BBC’s Rory Cellan-Jones, Her Majesty’s Treasury said they were looking into technological solutions that supported “our commitment to no physical infrastructure at the land border."

Cellan-Jones also wrote how he has been contacted by people relaying stories of government departments, like the Land Registry and Revenue and Customs branches, who have started to embrace blockchain.

So far, mention of blockchain has been very rare in Brexit negotiations, but some think the technology could play a big role down the road.   

Some think the ability to use it for tracking and identifying goods could make it easier for customs officials in Britain and the European Union to make sure a trade agreement is being properly followed.

However, others speculate the actual process of creating a blockchain-based customs or trade system would be too long and expensive, assuming the technology actually was able to make it into the Brexit negotiation conversation.

A Viable Supply Chain Solution

Even if blockchain is ignored by those at the Brexit negotiating table, it has certainly caught the attention of the global supply chain industry.

CryptoGlobe reported on collaboration between shipping giant Maersk and IBM on a blockchain-based shipping solution. So far, collaboration features more than 90 participants, and the platform has tracked more than 154 million different shipping events.   

In May, FedEx founder and CEO Fred Smith noted at the Consensus 2018 conference how blockchain technology could potentially “revolutionize” the logistics industry.

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.