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Blockchain

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Blockchain
Much has been written and said about the blockchain technology. Many organisations are interested in finding out if blockchain is the way forward and how to go about it. Talk to us about the opportunities. We know the technology and its potentials – but also its limitations.

Is blockchain for you?

Some things are solved easily with blockchain while others are solved better without. This is our experience from several of our research and demo projects. As with any other technology, blockchain should only be used if it provides a better, cheaper or faster solution.

Some things are solved easily with blockchain while others are solved better without. This is our experience from several of our research and demo projects. As with any other technology, blockchain should only be used if it provides a better, cheaper or faster solution.

More and more companies use blockchain. Maersk and IBM have launched a joint effort to optimise the shipping industry. But less will do. If you are using a trusted third party to collaborate with partners – perhaps even with your competitors – blockchain offers a good alternative.

If blockchain can contribute to your solution, we can help you choose the right technology. We help you decide if you need a permissioned or a public blockchain in your use case and identify what specific implementation of blockchain will solve your challenge. We also help you implement your solution on the selected technology.

Just like data-driven innovation and big data, blockchain will transform the way organisations do business. Hence, we see an increasing demand for knowledge about both the technological and the business implications of blockchain.

Knowledge: Clarify if blockchain is what you need

We organise a workshop where we provide you with knowledge on blockchain that will enable you to decide whether or not to proceed with the technology. Our Security Lab provides technical knowhow, and experts from our People, Technology and Business Lab focus on identification of needs as well as market potential. We identify organisational requirements and help you develop a strong organisational setup.

We organise the workshop specifically for your development and management teams. First, we present blockchain, and then we discuss your considerations and challenges. We challenge you to ask yourself why you think blockchain will solve those challenges. Perhaps you share data with other parties, which requires trust, but you want to eliminate the issues of trust. Perhaps you want to achieve transparency in your transactions with external parties. You should remember, however, that with blockchain, data cannot be changed, entries in the blockchain cannot be modified, and all parties have access to the same information.

After the workshop, we prepare a roadmap of proposed activities.

Implementation: Try out blockchain in practice

Perhaps you are already certain that blockchain is the right solution for you. We help you develop prototypes and test your idea in a demo case or a proof-of-concept. As an example, we have collaborated with EURISCO on a concept that uses blockchain to manage CO2 footprint from electric vehicles. We can also implement blockchain in practice in collaboration with your developers

Research: Join a research project

Blockchain has been described as one of today’s most disruptive technologies. According to the OECD, blockchain will play a significant role in shaping future research politics. Contact us if you consider applying for a research grant. We collaborate with several world-leading research groups on the topics of IT security and blockchain. In Denmark, we have several domains and industries where the technology can be used, such as IoT, fintech, smart grid or sustainable transition 

Example of blockchain usage in the shipping industry.


FACTS ABOUT BLOCKCHAIN

In brief, blockchain is a database distributed among several parties in such a way that it allows them to perform transactions without necessarily having to trust each other. Sometimes blockchain is referred to as Distributed Ledger Technology (DLT).

In technical terms, blockchain consists of a chain of data blocks. New blocks can be added, but no blocks in the chain can ever be removed or changed. Various cryptographic techniques are used to validate data entered into a new block in order to achieve immutability – meaning that data cannot be deleted or altered.

Blockchains are not more efficient than other databases, but they do offer one major benefit: Blockchains use a special type of distributed database, which eliminates the need for trust among the parties or a trusted third-party that controls the database. In this way, blockchains can be used by for example competing companies (that do not trust each other) and to create transparency –such as a log of events that cannot be altered.

Just as ordinary computer programs can be stored as data, special programs can be stored on certain types of blockchain. These programs are called smart contracts. The execution of such programs is managed by mechanisms that resemble those that control how and when new blocks can be added. A smart contract is for example a program that transfers digital money when a triggering event occurs. The term contract is used because smart contracts facilitate or enforce transactions between two or more parties. The contracts are protected by the blockchain they have been entered into, thus making them irreversible and unchangeable.

We can help you understand if and how blockchain can optimise your business.
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Head of Security Lab, PhD
Security Lab
+45 24 26 99 11
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