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How does Brexit grumble, could it provide opportunities for blockchain?Getty
They have been two turbulent days in British politics and the economy already seems nervous. The pound fell 1.8% from the euro on Wednesday, as Prime Minister Theresa May tries to convince a skeptical government to accept the proposed Brexit agreement.
While the rest of the world seems confused, the reactions of the industry are mixed, with the appetite for the still noisy blockchain – something that will not change a Brexit without borders. I talked to industry leaders to find out what worries them about the proposed withdrawal law.
Trade and people
Borders and trade agreements are in the minds of many British entrepreneurs, as the details of the proposed agreement are revealed. The cost of trading with the EU is a concern for some, while others believe that technology offers the tools needed to mitigate the impact of Brexit on their activities.
Vlad Dobrynin, CEO and co-founder of Humans.net considers technology a positive way to keep trade without borders, if Brexit influences trade barriers or not.
He said: "We are on the verge of the 4th technological revolution, it will be connected with a change in the relationships of people in society and around the world, how we interact, buy and pay, it will destroy borders and intermediaries. # 39 is no pact in the world that can stop it, it is inevitable.The modern blockchain technologies are able to organize exchanges and exchanges between people with virtually all goods, services or documents without state borders, regardless of the territorial identity or governmental. "
Neurovalens The Chief Executive Officer Dr Jason McKeown is particularly concerned about restrictive border controls, due to the manufacturing position of the company's IA-based products.
He said: "We design and manufacture our product in Northern Ireland, so the most important issue that Brexit raises for us is, I think, about the profitability of the export.We make an earphone device that, if worn It helps to lose weight It is a product of universal relevance and our potential market is global However, Brexit raises significant concerns about our ability to operate profitably with our nearest and most obvious market: the EU If trade with distributors is made more expensive or slower due to the exit from the Union, we will have to look for agreements far beyond the borders, I think we will be able to do it well, but it makes everything harder. "
Currency, crypto and customs union
Exchange rates, trade and currency were one of the main concerns during the Brexit negotiations. However, for some the decentralization of cryptocurrency may open the way. Industry experts believe that this new era in trade between the UK and the EU could encourage widespread use of cryptocurrency in an attempt to circumvent potential turbulence in traditional markets.
MoneyTransferComparisonThe CEO of Alon Rajic is concerned about the impact of Brexit on exchange rates and trade, but sees it as an opportunity for the crypt to grow.
He said: "An unsuccessful Brexit in which the UK economy lowers and the valuation of the pound heavily declines could be a key event from Brexit.The close results of the referendum have already shown us that there are essentially two Britons – Londoners and non-Londoners, and the mentality is completely and completely different from each other.Once the rich Londoners will feel the direct result of this vote, it will be another step in which they lose the trust of the establishment, which can push all the cryptocurrencies to reach new heights ".
Oscar Vickerman, CEO of Sweetbridge, believes that companies trading with the EU will turn to blockchain-based financing to mitigate the impact of exchange rates and trade agreements.
He said: "If we do not have a customs union agreement, we pay taxes on everything entering and leaving the EEA, but if we stay inside, we are locked up in the customs union. companies in the United Kingdom, since we can not negotiate agreements with other countries, not to mention an increase in the cost of doing business with Europe.
Blockchain-based commercial finance solutions can allow access to liquidity trapped in assets to provide much needed cash flow through the disruption of the Brexit negotiations. Blockchain will also provide the provenance and certification of the goods. The provenance of products during the transition will be more important than ever, as pesticide laws, labor laws and product sources will become vague without legal protections in place. Overall, the blockchain reduces barriers to entry for new businesses and innovation.
In addition, many blockchain-based organizations, such as Sweetbridge, have fintech and regtech (regulatory technology) that provide UK government departments with the motivation to facilitate innovation in a new Commonwealth-focused customs union. A new fintech and blockchain technology infrastructure will allow transnational transactions and will be the UK's fastest response to competition on an international stage. "
Bank and finance
There is concern among the industry that Brexit will reduce the stability of the UK economy, which is only recovering from years of turmoil after the recession. The Bank of England has warned of the potential risk of 70 thousand billion of complex financial contracts, the insiders consider it a cause for concern but also a potential for growth.
ConsenSys is one of the largest blockchain companies in the world, founded by the co-founder of Ethereum, Joe Lubin. Chief of Staff, Jeremy Millar, issued a statement saying: "Financial and regulatory landscapes are changing rapidly, it is imperative that the UK maintains its leadership in entrepreneurship and in fintech, despite the effects of Brexit: Blockchain and digital resources are an area where the UK can continue to drive, with an appropriate policy.In particular, the next generation of digital resources offers the opportunity to redefine the roles of intermediaries previously centralized in decentralized networks Never such a re-architecture can ever be more timely. "
With the news that 94% of banks and financial institutions are planning two or more acquisitions of fintech in the next 12 months according to the most recent survey, James Wilkinson, Partner of Reed Smith& nbsp; he believes that the fintech landscape will change if Brexit goes on: "I think one of the results will be more a fintech community distributed in Europe – Brexit will not close things in London, but it will create an open door in other communities."
Rushd Averroes, CEO & amp; Founder of BABB he says: "At this point, uncertainty still prevails.We and all the other fintech startups we are regularly in contact with, we are working hard on plans A and B.
At BABB, we aim to build the world's first blockchain-based bank account. To do this, we need two things: 1.) a bank license and 2.) a brilliant team of the brightest blockchain minds in the world. Brexit has the potential to influence both. To resolve the license[ProblemachestiamoapplicandointandemperlelicenzebancariesianelRegnoUnitocheinLituaniapergarantireilmiglioraccessopossibilealmercatoeuropeoRiteniamodiaveregiàilmigliorteamblockchainquindilanostraprioritàprincipaleèlaprotezionedeidirittiedelbenesseredelnostroteamdi25personeconsedeaLondradicuiottopersonesonocittadinidell''UEprovenientidacinquediversipaesiTeniamoingrandeconsiderazioneiregolamentieicontrollidell;UEalpuntocheilnostroapproccioallariservatezzadeidaticheènativamenteconformeaGDPRstabiliràlostandardpertuttiinostriclientiindipendentementedadovesitrovinonelmondo"[IssueweareapplyingintandemforbankinglicensesinboththeUKandLithuaniatoensurethebestpossibleaccesstotheEuropeanmarketWebelievewealreadyhavethebestblockchainteamsoourmainpriorityistheprotectionoftherightsandwellbeingofour25-strongLondon-basedteamofwhicheightpeopleareEUnationalsoriginatingfromfivedifferentcountriesWeholdEUregulationsandcontrolsinhighregardsomuchsothatourapproachtodataprivacywhichisnativelyGDPRcompliantwillsetthestandardforallourcustomersnomatterwheretheyareintheworld"[problemachestiamoapplicandointandemperlelicenzebancariesianelRegnoUnitocheinLituaniapergarantireilmiglioraccessopossibilealmercatoeuropeoRiteniamodiaveregiàilmigliorteamblockchainquindilanostraprioritàprincipaleèlaprotezionedeidirittiedelbenesseredelnostroteamdi25personeconsedeaLondradicuiottopersonesonocittadinidell'UEprovenientidacinquediversipaesiTeniamoingrandeconsiderazioneiregolamentieicontrollidell'UEalpuntocheilnostroapproccioallariservatezzadeidaticheènativamenteconformeaGDPRstabiliràlostandardpertuttiinostriclientiindipendentementedadovesitrovinonelmondo”[issueweareapplyingintandemforbankinglicensesinboththeUKandLithuaniatoensurethebestpossibleaccesstotheEuropeanmarketWebelievewealreadyhavethebestblockchainteamsoourmainpriorityistheprotectionoftherightsandwellbeingofour25-strongLondon-basedteamofwhicheightpeopleareEUnationalsoriginatingfromfivedifferentcountriesWeholdEUregulationsandcontrolsinhighregardsomuchsothatourapproachtodataprivacywhichisnativelyGDPRcompliantwillsetthestandardforallourcustomersnomatterwheretheyareintheworld”
The Irish Backstop
An investigation conducted by Wachsman in exploring Irish attitudes towards and knowledge of blockchain technology found that 75% of Irish people would not consider a career in blockchain technology. Despite European spending on blockchain rising to 3.5 billion euros over the next five years, a lack of understanding of how technology works is keeping the Irish from pursuing a blockchain career.
CEO and founder of Wachsman, David Wachsman believes that Brexit could be the key to unlocking the Blockchain door. He said: "Because blockchain is, by its nature, a particularly borderless industry, start-ups seeking to mature customers, investors or partners across Europe may be reluctant to set up companies in the UK as a result of Brexit. Moreover, due to key benefits such as more flexible banking relationships or the ability to procure talent from across the EU, Brexit offers an extraordinary opportunity for Ireland to become a stepping stone for international companies establishing blockchain hub in Europe. "
Alan Foreman, CEO of B-Secur, a leading biometric security company based in Northern Ireland, is concerned about the impact of Brexit on the safety of the best talent and impact on trade: "One of my most Great concerns about Brexit is how it could affect attraction and retention of talent for our core technology team: How do we recruit from the Republic of Ireland in the future, or in Germany or in France? Uncertainty and the unknowns are a matter of concern and can drive talents away from these countries.
The short-term impact is potential currency fluctuations because we work across borders from the UK to the EU countries and beyond. Uncertainty about this means that it is very difficult to plan and predict the next two years. And in general, as a company based in Northern Ireland, there is uncertainty about our relationship with London and the EU. It's frustrating because our customers ask us what this means to us and we're not completely sure of the answer. "
There seems to be a cautious optimism of the sector on the fact that Brexit could cataclysm shift on the blockchain to push cryptocurrencies into the mainstream, depending on their decentralized networks for the future open trade on the borders. But if Mrs. May will be able to continue to push forward with this bill, it remains to be seen.
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How does Brexit grumble, could it provide opportunities for blockchain?Getty
They have been two turbulent days in British politics and the economy already seems nervous. The pound fell 1.8% from the euro on Wednesday, as Prime Minister Theresa May tries to convince a skeptical government to accept the proposed Brexit agreement.
While the rest of the world seems confused, the reactions of the industry are mixed, with the appetite for the still noisy blockchain – something that will not change a Brexit without borders. I talked to industry leaders to find out what worries them about the proposed withdrawal law.
Trade and people
Borders and trade agreements are in the minds of many British entrepreneurs, as the details of the proposed agreement are revealed. The cost of trading with the EU is a concern for some, while others believe that technology offers the tools needed to mitigate the impact of Brexit on their activities.
Vlad Dobrynin, CEO and co-founder of Humans.net sees technology as a positive way to keep trade without borders, if Brexit influences trade barriers or not.
He said: "We are on the verge of the 4th technological revolution, which will be related to changes in the relationships of people in society and around the world, how we interact, buy and pay, destroying borders and intermediaries. there is no pact in the world that can stop it, it is inevitable.The modern technologies of the blockchain are able to organize exchanges and exchanges between people with practically all goods, services or documents without state borders, independently of the territorial or governmental identity ".
Neurovalens' CEO, Dr Jason McKeown, is particularly concerned about restrictive border controls, due to the production position of IA-based products.
He said: "We design and manufacture our product in Northern Ireland, so the most important issue that Brexit raises for us is, I think, about the profitability of the export.We make an earphone device that, if worn It helps to lose weight It is a product of universal relevance and our potential market is global However, Brexit raises significant concerns about our ability to operate profitably with our nearest and most obvious market: the EU If trade with distributors is made more expensive or slower due to the exit from the Union, we will have to look for agreements far beyond the borders, I think we will be able to do it well, but it makes everything harder. "
Currency, crypto and customs union
Exchange rates, trade and currency were one of the main concerns during the Brexit negotiations. However, for some the decentralization of cryptocurrency may open the way. Industry experts believe that this new era in trade between the UK and the EU could encourage widespread use of cryptocurrency in an attempt to circumvent potential turbulence in traditional markets.
The CEO of MoneyTransferComparison.com Alon Rajic is worried about the impact of Brexit on exchange rates and trade, but sees it as an opportunity for the crypt to grow.
He said: "An unsuccessful Brexit in which the UK economy lowers and the valuation of the pound heavily declines could be a key event from Brexit.The close results of the referendum have already shown us that there are essentially two Britons – Londoners and non-Londoners, and the mentality is completely and completely different from each other.Once the rich Londoners will feel the direct result of this vote, it will be another step in which they lose the trust of the establishment, which can push all the cryptocurrencies to reach new heights ".
Oscar Vickerman, CEO of Sweetbridge, believes that companies that trade with the EU will turn to blockchain-based financing to mitigate the impact of exchange rates and trade agreements.
He said: "If we do not have a customs union agreement, we pay taxes on everything entering and leaving the EEA, but if we stay inside, we are locked up in the customs union. companies in the United Kingdom, since we can not negotiate agreements with other countries, not to mention an increase in the cost of doing business with Europe.
Blockchain-based commercial finance solutions can allow access to liquidity trapped in assets to provide much needed cash flow through the disruption of the Brexit negotiations. Blockchain will also provide the provenance and certification of the goods. The provenance of products during the transition will be more important than ever, as pesticide laws, labor laws and product sources will become vague without legal protections in place. Overall, the blockchain reduces barriers to entry for new businesses and innovation.
In addition, many blockchain-based organizations, such as Sweetbridge, have fintech and regtech (regulatory technology) that provide UK government departments with the motivation to facilitate innovation in a new Commonwealth-focused customs union. A new fintech and blockchain technology infrastructure will allow transnational transactions and will be the UK's fastest response to competition on an international stage. "
Bank and finance
There is concern among the industry that Brexit will reduce the stability of the UK economy, which is only recovering from years of turmoil after the recession. The Bank of England has warned of the potential risk of 70 trillion pounds of complex financial contracts, which the insiders believe is a cause for concern but also a potential for growth.
ConsenSys is one of the largest blockchain companies in the world, founded by the co-founder of Ethereum, Joe Lubin. Chief of Staff, Jeremy Millar, issued a statement saying: "Financial and regulatory landscapes are changing rapidly, it is imperative that the UK maintains its leadership in entrepreneurship and in fintech, despite the effects of Brexit: Blockchain and digital resources are an area where the UK can continue to drive, with an appropriate policy.In particular, the next generation of digital resources offers the opportunity to redefine the roles of intermediaries previously centralized in decentralized networks Never such a re-architecture can ever be more timely. "
With the news that 94% of banks and financial institutions are planning two or more acquisitions fintech in the next 12 months according to the most recent survey, James Wilkinson, Partner of Reed Smith, believes that the fintech landscape will change if Brexit goes on: " I think one of the results will be more than a community of fintech distributed in Europe – Brexit will not close things in London, but it will create an open door in other communities. "
Rushd Averroes, CEO and founder of BABB says: "At this point, uncertainty still prevails We and all the other fintech startups with whom we are regularly in touch, are working hard on plans A and B.
At BABB, we aim to build the world's first blockchain-based bank account. To do this, we need two things: 1.) a bank license and 2.) a brilliant team of the brightest blockchain minds in the world. Brexit has the potential to influence both. To resolve the license[ProblemachestiamoapplicandointandemperlelicenzebancariesianelRegnoUnitocheinLituaniapergarantireilmiglioraccessopossibilealmercatoeuropeoRiteniamodiaveregiàilmigliorteamblockchainquindilanostraprioritàprincipaleèlaprotezionedeidirittiedelbenesseredelnostroteamdi25personeconsedeaLondradicuiottopersonesonocittadinidell''UEprovenientidacinquediversipaesiTeniamoingrandeconsiderazioneiregolamentieicontrollidell;UEalpuntocheilnostroapproccioallariservatezzadeidaticheènativamenteconformeaGDPRstabiliràlostandardpertuttiinostriclientiindipendentementedadovesitrovinonelmondo"[IssueweareapplyingintandemforbankinglicensesinboththeUKandLithuaniatoensurethebestpossibleaccesstotheEuropeanmarketWebelievewealreadyhavethebestblockchainteamsoourmainpriorityistheprotectionoftherightsandwellbeingofour25-strongLondon-basedteamofwhicheightpeopleareEUnationalsoriginatingfromfivedifferentcountriesWeholdEUregulationsandcontrolsinhighregardsomuchsothatourapproachtodataprivacywhichisnativelyGDPRcompliantwillsetthestandardforallourcustomersnomatterwheretheyareintheworld"[problemachestiamoapplicandointandemperlelicenzebancariesianelRegnoUnitocheinLituaniapergarantireilmiglioraccessopossibilealmercatoeuropeoRiteniamodiaveregiàilmigliorteamblockchainquindilanostraprioritàprincipaleèlaprotezionedeidirittiedelbenesseredelnostroteamdi25personeconsedeaLondradicuiottopersonesonocittadinidell'UEprovenientidacinquediversipaesiTeniamoingrandeconsiderazioneiregolamentieicontrollidell'UEalpuntocheilnostroapproccioallariservatezzadeidaticheènativamenteconformeaGDPRstabiliràlostandardpertuttiinostriclientiindipendentementedadovesitrovinonelmondo”[issueweareapplyingintandemforbankinglicensesinboththeUKandLithuaniatoensurethebestpossibleaccesstotheEuropeanmarketWebelievewealreadyhavethebestblockchainteamsoourmainpriorityistheprotectionoftherightsandwellbeingofour25-strongLondon-basedteamofwhicheightpeopleareEUnationalsoriginatingfromfivedifferentcountriesWeholdEUregulationsandcontrolsinhighregardsomuchsothatourapproachtodataprivacywhichisnativelyGDPRcompliantwillsetthestandardforallourcustomersnomatterwheretheyareintheworld”
The Irish Backstop
An investigation conducted by Wachsman in exploring Irish attitudes towards and knowledge of blockchain technology found that 75% of Irish people would not consider a career in blockchain technology. Despite European spending on blockchain rising to 3.5 billion euros over the next five years, a lack of understanding of how technology works is keeping the Irish from pursuing a blockchain career.
CEO and founder of Wachsman, David Wachsman believes that Brexit could be the key to unlocking the Blockchain door. He said: "Because blockchain is, by its nature, a particularly borderless sector, start-ups seeking to accumulate customers, investors or partners across Europe may be reluctant to set up companies in the UK as a result of Brexit. , as more flexible banking relationships or the ability to procure talent from across the EU, Brexit offers an extraordinary opportunity for Ireland to become a springboard for international companies creating blockchain hubs in Europe. "
Alan Foreman, CEO of B-Secur, a leading biometric security firm headquartered in Northern Ireland, is concerned about the impact of Brexit on the safety of top talent and impact on trade: "One of my biggest fears for Brexit is how it could affect the attraction and retention of talent in our core technology team: how do we recruit from the Republic of Ireland in the future? Or in Germany or in France? Uncertainty and uncertainties are a cause for concern and can drive talents away from these countries.
The short-term impact is potential currency fluctuations because we work across borders from the UK to the EU countries and beyond. Uncertainty about this means that it is very difficult to plan and predict the next two years. And in general, as a company based in Northern Ireland, there is uncertainty about our relationship with London and the EU. It's frustrating because our customers ask us what this means to us and we're not completely sure of the answer. "
There seems to be a cautious optimism of the sector on the fact that Brexit could cataclysm shift on the blockchain to push cryptocurrencies into the mainstream, depending on their decentralized networks for the future open trade on the borders. But if Mrs. May will be able to continue to push forward with this bill, it remains to be seen.
