Blockchain Thrives In Ireland Amid Brexit Concerns
March 19, 2019 3:15 pm
Ireland has seen strong growth, nearly a decade after the banking crisis and international back out. However, financiers and investors fear a “no deal” Brexit – in which the UK leaves the European Union without trade agreement at the end of the month. This could turn out destructive for Ireland’s boom-and-bust economy.
In the past year, the UK received 11 percent of Ireland’s exports of goods, while supplying more than one-fifth of its imports. According to a Reuters story, the Irish central bank speculates an orderly exit from the EU would decrease the gross domestic product by 1.5 percent.
The global head of research and development for Mastercard Labs in Ireland, Dave Fleming said, “It’s hard to see beyond this shadow of Brexit at the moment. If Ireland is affected, it will probably be similar to 2008 and the whole world might be affected so possibly blockchains might help.” He says, the Irish will have to wait and see.
If Britain quits without agreeing to terms on the border with Nothern Ireland, a profoundly enforced border could partially isolate Ireland and cause tension. According to the chief operating officer of Deloitte’s EMEA Blockchain Lab in Ireland, Anthony Day, Brexit brings to mind the concept of a “digital border” between Ireland and the UK. As Day specified:
“We see significant potential blockchain to provide the capability to enable secure, real-time and automated infrastructure to support trade, reporting, and the movement of goods and people. However, establishing the relevant working groups, governance, deploying such platforms and completing the necessary transformation within both public and private sector organization would be multi-year initiative, and the timescale for Brexit is immediate.”