Researchers to uncover Danish blockchain potential

Researchers from the IT University of Copenhagen will provide an overview of blockchain initiatives by Danish companies in order to analyze and uncover the potential of technology. The Danish Industry Foundation has provided DKK 1.3 million in funding for the project, whose analysis will be available in March 2019.

Business IT Department Research Blockchain Roman Beck business

Written January 15, 2019 9:36 AM by Vibeke Arildsen

Hopes are high when it comes to blockchain technology, and several Danish companies are already experimenting with blockchain-based systems for financial transactions, among other things. However, politicians and industry leaders need more knowledge in order to be able spot the opportunities, says Roman Beck, Professor at ITU and Head of the European Blockchain Center.

"Many believe that blockchain will have a huge impact on the economy and society at large, but we do not yet have reliable data on where development will start, how it will unfold and in which industries it will impact the most," he says.

According to Roman Beck, there is currently a lack of reliable data about the Danish blockchain industry.

To remedy this, researchers at the IT University of Copenhagen will now create a comprehensive analysis of the Danish blockchain initiatives in collaboration with Statistics Denmark and the German research institute Fraunhofer.

Important tool for decision-makers

The researchers will map and analyze current and future blockchain projects in Danish companies and present recommendations for both industry and political actors based on the data they collect.

According to Roman Beck, such a tool for decision-makers is key if Denmark wants to maintain its leading position within blockchain.

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Many initiatives are underway, but there is also great uncertainty about what needs to be done, what projects to prioritize and what the competitors are doing.
Roman Beck, Professor at ITU
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"Many initiatives are underway, but there is also great uncertainty about what needs to be done, what projects to prioritize and what the competitors are doing. The report should give guidance and support for the government to decide which areas need to be supported in order to have a stable and growing blockchain cluster if that is wanted. But also for industry to see how mature development is and see where we stand internationally. Essentially, the analysis will help us understand what it takes to maintain our current leading position," he says.

Knowledge for the benefit of the industry

The Danish Industry Foundation, which has funded the project with DKK 1.3 million, hopes that the project can lead to new knowledge about the economic potential of blockchain for the benefit of the industry as well as decision-makers.

“Blockchain is on everyone’s lips, but there is still uncertainty about how the technology will impact companies and which initiatives to prioritize in order to reap the potential at an early stage of the development,” says Mads Lebech, CEO of The Danish Industry Foundation.

The analysis will be available digitally at the end of March 2019.