HMRC said that it is going to postpone its work on a blockchain pilot program. HMRC, Her Majesty’s Revenue and Customs, is the custom organizations of the United Kingdom. Blockchain pilot program is the institution which was instituted in last year September.
MP Eddie Hughes asked if the Government plans to use the blockchain for customs systems following the Brexit. He also asked formally an update on the proof of concept trails which had taken place already. He asked in the Q&A section on the website of Parliament.
MP Eddie Hughes, the financial secretary to the treasury answered Hughes by explaining that the project which is involved the development of a permissioned blockchain that could be used to inform a trader’s AEO status that is “Authorized Economic Operator”.
Authorized Economic Operator is an internationally recognized quality mark which gives quick access to some of the customs procedures and also in some cases, the right to ‘fast-track’ shipments through the customs.
Strike added that the proof of concept ran for six weeks and established that the Government could use blockchain to securely sharing the results of sensitive risk checks in improving the planning of certain customs processes.
Stride also added any important implementation of blockchain would need further work by HMRC. The further work on the application of blockchain to AEO status is postponed until after the United Kingdom leaves the European Union when timescales and the cost will be revisited.
The blockchain pilot program seemed to be focused at using blockchain in making the border technologically ready for when Brexit was to happen.
Information that’s stored on a blockchain is a shared sheet whose data is reconciled from time to time. It’s a practical way that speaks of many obvious benefits. To being with, the blockchain data doesn’t exist in one single place. This means that everything stored in there is open for public view and verification. Further, there isn’t any centralized information storing platform which hackers can corrupt. It’s practically accessed over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.
Blockchain technology is something that minims internet space. It’s chic robust in nature. Similar to offering data to the general public through the World Wide Web, blocks of authentic information are stored on the blockchain platform which is identically visible on all networks.
Mike Potter, Interim chief digital and information officer of the HMRC said that they have now built a proof of concept which is based on blockchain that reveals that can get all of the 28 organizations that act at the border to coordinate all of their risk and involvement.
It would appear that in regards to political decisions being made, Brexit is dragging its feet heading towards the 29th of March deadline. The initiative was expected to prepare the UK for a new set of custom rulings.
The other important decisions are being postponed because of Brexit which includes citizen’s rights of residence and the border with Ireland.