Study on the economic impact of blockchain on the danish industry and labor market

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A study made on behalf of The Danish Industry Foundation by the European Blockchain Center at IT-University Copenhagen in close cooperation with Fraunhofer IAE and Danmarks Statistik has been recently published.

Blockchain enforces business logics among and across several stakeholders within a supply chain, thereby minimizing transaction costs, providing a transparent economy where transparency is needed. Thus, having a more precise understanding of the economic impact of the emerging blockchain industry on a macroeconomic level for Denmark is of vital importance for decision-makers. The published study for Denmark is the first worldwide covering several industries on a national level.

In particular, the purpose of the study is to provide solid evidence for decision makers in the industry and politics about future positioning and strategy for blockchain development and assimilation in Denmark. We specifically focus on how Danish companies can build and steer successful blockchain innovations while driving societal welfare at the same time. The empirical study follows a quantitative research methodology able to capture current interrelationships and numerical characteristics in the Danish economy. The study also discloses causal relations on why companies assimilate blockchain technologies, as well as drivers and barriers for doing so. With more than 1,300 responding Danish companies, or 44 percent response rate, the study covers over 20 percent of all companies in the researched industries in Denmark.

Feel free to read the entire study here.

ODBMS.org Q&A with Roman Beck

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„If data is the new oil, than DLT systems are the new combustion engines.”

Q1. Why Blockchain is important?

Many believe that the features behind Blockchain, or more generally speaking, Distributed Ledger Technologies, may become as important or even more important than the Internet. Blockchain may help to enforce business logic within transactions across several stakeholders within a supply chain, thereby minimizing transaction costs, providing a transparent economy where transparency is needed.

Q2. What are the pros and cons of Blockchain?

DLT systems are end to end systems that allow for an optimization of information flows and exchange of property rights in a wholistic way. As that requires to design and implement decisions rights, incentives, and accountability for all stakeholders involved, it is a potential and challenge at the same time to model such systems. In addition, several technical elements of DLT systems are still under development, so we cannot speak of a mature technology yet.

Q3. How is Blockchain  going to change the nature of work?

In the emerging field of Blockchain economics we are looking into economic institutions, practices, and inter-organizational routines. Some procedures exist because of manual approval is needed, or uncertainty exists. Blockchain may alleviate some of those challenges. With an adapted mechanism design, Blockchain-powered processes may re-engineer the way value is created and disseminated in economic systems. Value creation in decentralized virtual networks may even challenge the need and legitimacy of companies. We often think about the transition from “the nature of the firm” to the “nature of human enterprises”, where we are all individual contractors, cooperating in loosely coupled networks to perform services, while the network is enforced and value transition is guaranteed through DLT systems.

Q4. What are the current projects at the European Blockchain Center ?

At the European Blockchain Center, we do research and education for innovation, standardization and regulation. Along different projects where we develop use cases, benchmark tests, or alternative mechanisms for DLT systems. Our research allows us to create teaching material for our educational programs on graduate and post-graduate level, as well as to influence international standardization around DLT systems and regulatory frameworks in Europe. For example, in a project we just concluded for the European Commission, we developed a benchmark test for comparing different DLT systems and applied it to test and evaluate DLT systems and their applicability to measure and ultimately reduce CO2 emissions of all 296 million vehicles on European roads. The work provided insights into governance issues as well as regulatory requirements which help us in the development of useful Blockchain standards at ISO, or to develop a European Blockchain Services Infrastructure with other European member states, where we are also involved.

Q5. What is Blockchain for science?

The European Blockchain Center is founding member of Bloxberg, an initiative that has been initiated by the Max Planck Gesellschaft in Germany, that has as goal to develop a global DLT-powered network for scientists to work together. Projects will be the safe exchange of certificates, as well as ensuring the safe exchange of valuable research data, co-authorship on complex research papers, open reviewing, open publishing, and many more. We are just at the beginning to explore the potential use of DLT systems for science, but it is clear that in a post-factual world, there is a need for a reliable system in science that guarantees a single version of truth, and that provides the incentive mechanism for scientists to collaborate on a global scale.

Q6. Artificial Intelligence and Blockchain: How do they relate to each other?

We believe that the first wave of digitization is coming to an end, with a digital world characterized by reactive automatic systems. The next digital wave will be proactive and autonomous, where machines make decisions on behalf of their owners, while those decisions are enforced autonomously in inter-organizational systems. To use an analogy: While AI might become something like the brain, DLT systems are the neural networks that execute the decisions. That is why the discussion around industry 4.0 often feels so shallow: we talk too much about the machines and their sensors, which are in my example the muscles. We do not focus enough on the neural network and intelligence part, where AI and Blockchain combined will unfold their full potential. Unfortunately, this is still not fully understood by decision makers in industry and politics.

Q7. Artificial Intelligence for the Financial Services Industry. What challenges organisations to succeed?

The challenges mature industries such as the Financial Services industry are facing do not start with Blockchain. For many companies and industries, digitization is still an option, while for digitally born companies and industries, digitization is a necessity. That needs to change. Digitization is a necessity for all. Thus, industries need to develop a digital mindset that perceives digitization as necessity, processes need to be digital by default. Only then companies can re-engineer their processes or develop completely new ones and fully realize the potential digitization is providing.

Copenhagen Ethereum Meetup

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Please join us for the Copenhagen Ethereum Meetup next week. We’ll have two sessions with interesting topics.

  1. Trustlines Network – A mutual credit system used for payments and based on a minimal proof-of-stake Ethereum sidechain
  2. Crypto Economics – Crypto primitives, bonding curves, and curation markets

Both sessions are crash courses and although they are technical, you don’t need to have background knowledge on the topics to participate. There will also be some drinks! Looking forward to seeing you!

Bonding curves / Trustlines Network Deep-dive sessions

Tuesday, Apr 9, 2019, 7:00 PM

IT-Universitetet i København
Rued Langgaards Vej 7 København, DK

25 Eth Heads Attending

We are hosting two great meetup sessions in parallel at ITU. The meetups will both start with a talk followed by a workshop. Afterwards we will have a joint networking session at Cafe Langebro for those interested in that. Topic 1 is on curation markets, bonding curves and curated registers, where you learn the concepts and apply them during a work…

Check out this Meetup →

Blockchain Event at the Center for Advanced Studies in Biomedical Innovation Law

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Blockchain technology is taking the world by storm. From banking to health care, many tout blockchain as a cure-all. Others think blockchain will make matters worse. In between are those who see practical applications but caution on addictive use.

In this presentation, Ryan E. Long, will provide an overview of blockchain: technology and associated digital currencies; practical applications, particularly in the health and life sciences; and issues associated with the technology and its open source methods. Attendees will gain an understanding of blockchain and the debate over its use.

Ryan E. Long is a Stanford Law School Center for Internet and Society non-resident fellow and a cooperating attorney with the Electronic Frontier Foundation in San Francisco. Ryan E. Long represents technology, media, and design clients with their intellectual property, litigation, and related corporate matters. Previously, he was a litigator with the New York City office of Milberg LLP, among others. When he isn’t lawyering, Ryan writes satirical crime thrillers, teaches, swims, hikes, and tries to cook like a Danish chef.

Time: 26 February 2018, 15:00-17:00

Venue: Meeting box. 2nd floor, room 7A-2-04, Njalsgade 76, DK-2300 Copenhagen S

For registration, please click here

Registration deadline: 21 February 2018 12:00.

All other inquiries concerning the conference should be addressed to Rikke Hjort, at rikke.hjort@jur.ku.dk

Blockchain Event – Optimize Supply Chain Management with Blockchain

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What if you had a 100% verifiable, traceable, and accurate picture of your product’s life cycle?

Together with InfinIT and RFID i DK, the European Blockchain Center invites to the first event in InfinIT’s new series “Future Briefings”. The event explores the potential of using blockchain to optimize supply chain management.

Blockchain technology, most known as the technology behind Bitcoin, is considered by many to be the key to a revolution of, among other things, supply chain management. Get started and gain insights how to apply the technology to optimize your company’s workflows.

A number of knowledgeable experts in the subject will talk about the technology, its potentials, and possible usage contexts. Professor Roman Beck, who is leading the European Blockchain Center, will be one of them.

Click here for further information and registration:

http://www.infinit.dk/dk/arrangementer/future-briefings-1-optimer-supply-chain-management-via-blockchain.htm