Leading publication on supply chain management, Supply Chain Brain, revealed a solution for the much-feared economic outcomes of Britain’s departure from the EU. Blockchain might be just the secure, distributed, and cost-effective alternative to economic crises the world needed.
The current global supply chain infrastructure is vulnerable to threats such as cyber-attacks and major disruptions. A no-deal Brexit poses an equally serious threat to the world order, according to the CEO of Ambrosus (and by the way, British citizen), Angel Versetti. That’s because £22 billion ($29 bn.) of Britain’s economy consists of food and beverage exports, and $35 billion is made of pharmaceutical exports.
Furthermore, not only would a no-deal Brexit impact the national economy, but it can also restrain Britain’s access to certain goods. “A no-deal Brexit from the E.U. would leave stores in the U.K. empty within a matter of days,” Versetti emphasized. So what can blockchain do about this?
It can ease international trade by providing a secure, decentralized platform that all the parties involved can access to ensure that the origin and trading history of the goods concerned are legit. “A U.K. company could prove that its product has been sustainably sourced, all-naturally made, safely transported, and securely managed, from the moment of harvest to arrival at the import control center,” the CEO of Ambrosus put it. And all these could be done in a matter of seconds.
The question is, is the UK really ready to accept the ramifications of blockchain in some of the most sensitive aspects of its economy? And if the answer is yes, will this expand to tokens and cryptocurrencies as well?