Businesses plan blockchain surge to tackle Brexit

Research from Nexus the blockchain and cryptocurrency enterprise has revealed that over half of UK companies are planning to increase use of blockchain technologies to navigate through Brexit

by News Reporter on 18 October 2018 14:01

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Over half of UK businesses are planning a boost in blockchain technology to navigate Brexit, according to new research from Nexus, the blockchain and cryptocurrency enterprise. The polling, surveyed 200 UK senior business decision makers in large and medium sized organisations around how blockchain will be used to prepare for Brexit and whether the technology could remedy the Irish border challenge.

When asked to rank the key reasons why companies would be increasing blockchain use to prepare for Brexit, one third (33 per cent) said they will be using it to reduce fraud followed by 18 per cent saying it was to keep up with technological innovation. Additionally, 11 per cent cited costs savings and 10 per cent said they would be using it to improve supply chain management. .

Alex El-Nemer, Director at Nexus said, “With Brexit on the horizon, it’s abundantly clear that many companies are planning to boost use of blockchain technology to reduce risk and create a more accountable working environment. The research also indicates that company leaders see blockchain as a vital tool in preparing for a potentially uncertain economic climate next year.

El-Nemer continued, “It’s clear that UK business leaders are far from convinced that blockchain will help solve the Irish border issue, despite the technology offering a digital solution to a politically complex problem.

These findings underline the need for more policy detail about how the proposals might work in practice, in terms of practical application and enforcement, as well as the role the technology could play in avoiding a hard border.” The survey revealed that that 62 per cent of business decision makers believe blockchain won’t solve the Irish border issue, with only 38 per cent believing it will despite the Chancellor Philip Hammond’s proposal

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