According to studies, the global market for the blockchain technology is expected to reach at least $2.3 billion dollars by 2021. This is driven by the fact that there are plenty of business opportunities virtual public ledgers such as smart contracts, cloud storage, supply-chain communications, and electronic voting. Considering this, Denmark finally joins a partnership with the European Union to support pan-EU blockchain standards and solutions.
Denmark is the latest country to accept the use of a more enhanced digital technology. The country’s Minister for Industry, Business, and Financial Affairs, Brian Mikkelsen, signed a declaration on April 10 to validate that they will be joining 22 EU member states that support the blockchain for the creation of a common European infrastructure. The event was commemorated alongside the European Commission’s Digital Day.
Additionally, Mikkelsen noted how the technology will be applied in terms of shipping: “[Denmark will be] the first country in the world [to] use blockchain technology to register ships in the Danish ship registers…blockchain goes across borders, and a joint European cooperation is crucial to ensure future-proof standards and solutions. So I’m very pleased that we have now signed this declaration.”
The union will include giant logistic companies such as FedEx, Uber Freight, and Bridgestone. All will be utilizing the blockchain technology to register ships in the national registry and to allow secure storage of importing data. The partnership is, beyond everything, intended to bring different nations and companies together to develop the blockchain and ultimately create a “digitally strong” EU.
Reportedly, Denmark’s “outside the box” Disruption Council is continuously exploring the blockchain’s uses for other business and financial sectors in hopes to reduce middlemen and increase the efficiency of service delivery. They are, after all, aware of many governments and companies using the blockchain to control their platforms; Abu Dhabi Ports, Maqta Gateway LLC, Norfolk Southern, JPMorgan Chase, and Samsung Electronics Company, just to name a few. Using the blockchain in the logistics field and financial sector has been getting a lot of attention lately, and Denmark wants to be a part of the global innovation.