Can blockchain overcome Brexit-inspired business problems? According to a Nexus survey of 200 senior U.K. executives in large and medium-sized businesses, the answer is yes, for the most part.

Over half, or 51 percent, of these businesses are planning a boost in blockchain technology to get around the problem of Britain leaving the European Union, the executives told independent polling company Censuswide, which conducted the research for Nexus.

When asked to rank the key reasons they’d increase their blockchain use to navigate Brexit, 33 percent said they will be using it to reduce fraud, and 18 percent plan to keep up with technological innovation, The Commentator reports. Also, 11 percent cited costs savings, and 10 percent said they would be using it to improve supply chain management.

However, the business people differed from Phillip Hammond, the U.K.’s finance minister, who said earlier this month that blockchain could be one way of ensuring trade with the neighboring Republic of Ireland remains open. The research found 62 percent of business decision makers believe blockchain won’t solve the Irish border issue, while 38 percent think it will. Read more here.

ThirtyK Staff
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