Denmark has Joined EU Blockchain Partnership

Blockchain Technology Partnerships

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According to Finans Watch news outlet, Denmark has officially signed a declaration joining 24 European Union member states who are supporting pan-EU blockchain standards and solutions. This partnership was formed in April with a sole goal of enhancing cooperation between member states in enhancing Blockchain technology. Actually, the partnership was formed as the art of the European Commission Digital Day which happened on April 10th.

Danish minister for Industry, Business, and Financial Affairs Brian Mikkelsen said that the declaration will enable Denmark to become the first country in the globe to use Blockchain technology in the registration of ships in the Danish Ship registers. The minister believes this will be a major platform in ensuring data security and transparency of transactions.

According to the minister:

“Blockchain is going across borders and therefore having a joint European cooperation is very important in ensuring future-proof standards and solutions too. I am very happy that we have joined this partnership by signing the declaration.”

The Denmark minister also noted that their government’s Outside the box disruption council was exploring Blockchain technology on how it could apply in the business and financial sector. He also added they will continue exploring the sector to ensure that they apply Blockchain in every sector in the government to reduce middlemen in most sectors while increasing efficiency of service delivery.

Many governments and companies have been working very hard in developing blockchain controlled platforms. On June 4th a subsidiary of Abu Dhabi Ports launched a blockchain solution which is made to improve efficiency in the shipping and logistics sector.

Blockchain technology is continuously becoming famous in the Supply chain sector because it reduces the time required to do reconciliations and deliver papers for signing. This is because using Blockchain all parties are involved in every step of the entire process. The beauty of Blockchain is that a decision agreed by all the parties involved cannot be changed by one or two parties. For a transaction to be reversed all the concerned parties must be included making it very safe.

About two months ago Samsung Electronics Company launched its Blockchain platform which was meant to control and monitor its supply chain as well as managing shipments. In early May FedEx CEO termed Blockchain as the ‘next big thing’ for the supply chain sector all over the world. More to that Blockchain is also among the technologies seen to lead the next industrial revolution.

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