Frequently Asked Questions - FAQ
Blockchain technology is much more than crypto currencies and mining. We believe there is a great deal of businesses and sectors that can benefit from implementing Blockchain technology. The technology has enormous potential, simplifying proccesses in businesses or possibly changing the very fabric of our society – old ideals may become reality.
Are you interested in Blockchain? Do you want to learn more of the technology behind crypto currencies, such as Bitcoin? Would you like to work at Nordic Blockchain Association? Or maybe you have questions about Blockchain? Would you like to get involved in our next event? – You can find most of your answers here. If you do not, or if you have additional questions, feel free to contact us.
What is Blockchain?
Blockchain is a new database architecture – with high data integrity through a decentralized and destributed network, imutable information and network validation.
The term Blockchain is merely a metaphor for the information being stored and logged in batches, making up a ‘block’ of data. The word ‘Chain’ implying a string of data, the continuity and linking it’s history.
The decentralized and destributed nature of the network means a variety of things. But in the context of providing a general introduction to Blockchain, the effect of it is that any attemps on manipulating data will fail the validation of the remaining network, not living up to specific criteria of the encrypted string that binds the blocks of data, into a block-chain.
If you are into videos, here’s one that decribes the basic ideas and principles behind Blockchain technology.
Where can Blockchain be used?
Blockchais is a technology whose potential is only now beginning to be discovered. A number of sectors are studying it’s implementation and use in their business and processes, i.e. financial services, industrial products and manufacturing, energy and utilities, healtcare, government, retail and consumer, as well as entertainment and media.
Readwrite has a great example of top five succesful implementations of Blockchain Technology, have a look. Sometimes a different wording is all you need for the blocks to fall into place.
Blockchain pilot projects are great examples of how Blockchain technology can be implemented and gives you an idea of what it is.
If you prefer a deeper dive have a look at how Blockchain technology can work at our implementation examples further down this page.
Can I become a member of the Nordic Blockchain Association?
We offer memberships through our website. Members of the Nordic Blockchain Association have access to a range of free events, VIP-events as well as rebated and early access tickets for high profile events.
How can I get involved in Nordic Blockchain Association?
The Nordic Blockchain Association facilitates meetups and events several times every month, and we suggest you start by meeting us and other like-minded people there. After all, we are building a community. Be sure to visit the rest of our website or check us out online on Facebook, LinkedIn and Twitter. We regularly post updates on events, articles and other relevant material for you to learn more.
You are also welcome to give us a call in person, and we will try to help you along.
We are currently working to establish a crowdsourcing platform and a general knowledge-bank to support the development of Blockchain technology and its applications in the society of tomorrow.
What are the requirements for becoming a partner?
As a general rule, the Nordic Blockchain Association is open to partnerships with most organizations, groups and businesses. However, a potential partnership may not infringe upon our general values and ethics.
We invite all potential partners to reach out, so we can get to know each other. Please see our contacts page for additional information.
As a partner you can collaborate on some or more of the following categories:
- Co-create events, hackathons and conferences with us
- Logo/Brand promotion through website & other media
- Recruit talent through our Project Bank and network-channels
- Get speaker time at events
- Get free tickets to conferences & workshops
- Access research database & learning platform (Under construction)
- Access quarterly industry reports (Under construction)
Examples of Blockchain implementation
Supply chain management
The basic Blockchain principles of transparency and the distributed network, means the possibility of i.e. real-time tracking, especially relevant for companies with multiple supply chains, monitoring supply for own production.
A number companies have great experience and are working to develop their supply chain through implementation of the technology.
TradeLens is the result of a collaboration agreement between Maersk and IBM, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency, and spur industry-wide innovation.
It means the system shares real-time supply chain information and operational data to relevant entities to qualify decision making, ‘what is where and when?’. At the same time it speeds up trade document transfer, automating customs clearance and providing the documentation in a timely manner, to speed up cargo approval.
CargoSmart is a digital baseline for trusted shipment documentation management across the shipping and logistics industry. Shippers, forwarders, carriers, truckers, and customs agencies will be able to collaborate more efficiently through the platform for a single version of truth and an immutable audit trail with low latency.
Blockchain programming is ideal for constructsof exchange of value, seller and buyer relations, with a third party monitoring and approving the transaction. I.e. money not being realised to seller before approval is gathered from buyer and the nerutral third party. At the same time all relevant documents are visible troughout the process and can be added whenever they are at hand.
NETS which is a digital payments service provider has three overall business areas; Financial and Network Services, Corporate Services and Merchant Services.
NETS’ Blockchain Lab has collaborated with The Danish Customs and Tax Administration (SKAT) to introduce Blockchain technology in a proof of concept ‘buying and selling a used vehicle‘ providing transparency and accurate information for seller, buyer and customs and tax authorities. Meaning all necessary information available to all approved authorities at any given time throughout the vehicle life cycle. Sharing registry of ownership with tax authorities and insurance companies. Information will follow the vehicle from it leaves the dealership until it is scrapped, e.g services done on time or if repairs are done at approved workshops.
Currently where the Blockchain Technology has gained most traction and most of the use cases have been seen is in finance.
It is a broad term, but if you think about it, it covers all areas of value or monetary transaction between two or more parties.
NETS which is a digital payments service provider has three overall business areas; Financial and Network Services, Corporate Services and Merchant Services. The company has had a strategic partnership with Coinify since the early 2016. The digital Practices unit at NETS made a proof of concept ‘buying and sellin a house‘, providing an example of where the technology could optimize existing business processes, sharing documentation between the different parties and save a significant amount of time.
Aryze aims to create a new payment network by linking the national currency such as the Danish kroner to a cryptographically secure token – the electronic-kroner (EKR). Cut out the middlemen of traditional finance such as banks and payment processors.
Firmo melds finance and blockchain to create ‘smart derivatives’ – financial contracts executed by smart contracts that allow users to execute and trade secure derivatives on their Firmo Marketplace and on other exchanges.
FirmoLang enables businesses to securely offer derivatives on any major blockchain (currently only in Ethereum).
MakerDAO is a decentralized autonomous organization based platform that contains the maker coin (MKR) which acts as a governance coin, and the DAI, which is a stable digital currency.
At the centre of Blockchain is the decentralized and dynamic nature of the technology. Meaning approved authorities can add documents and give feedback without necessarily having to wait on certain parties to provide their piece of the puzle. The bureaucracy can be less time demanding and processes can be streamlined so that workflow becomes clearer. The public sector have the opportunity to revolutionize the work processes, organization and task division between the employees, being more effective and maybe working less hours.
The potential of implementing Blockchain technology may have an appliance when it comes Democracy itself. Applying the technology to an electronic voting system could increase voter attendence, through voting from home, work or on the go. How? – You might ask. Well for one thing the data on votes would be very difficult to manipulate, the would be immutable. So the integrity of the election would be unnquistionable. The result of the vote would be accessible almost instantanously within the system. The governement could tailor certain parts or the entire system so it would be scalable in layout and access to each user.
A current use case example is DAOstack a platform for decentralized governance that enables collectives to self-organize around shared goals or values, easily and efficiently. DAOstack is sometimes called an operating system for collective intelligence, or a WordPress for DAOs.
One of the central principles in Blockchain is transparency and the possiblity to tailor access and authority to an certain entity. This would give public authorities and governing bodies the ability to validate i.e. private building applications in accordance with local regulations in municipalities.
Another example of applying the tech is customs or tax authorities approving import documentation, companies’ financial leadgers or taxes if in accordance with regulations. The information is transparent and cannot be submitted if not in accordance with regulatons. Also verification from authorities can be done ongoing as the information becomes available. Because of the transparent architecture of the tech the approval task can be divided among different employees within the public authorities who can adress their task when able, and the overall regulation verification becomes dynamic, agile and fast.
Norbloc has created a blockchain based solution that allows customers of banks to share their data between organisations. With Norbloc’s platform Fides, banks can easily comply with data regulations (such as anti-money laundering regulations) by requesting the appropriate data from their customers.
The technology’s inherent value of transparancy is a key quality for business who’s processes depend on external certification and approval. Entities will be able to attach relevant documentation not waiting on other parties or a certain procedure, saving time and the ability to identify challenges early will help their mitigate and speed up problem solving.
Provenance uses blockchain technology to enable secure traceability of certifications and other salient information in supply chains. Provenance enables every physical product to come with a digital ‘passport’ that proves authenticity (Is this product what it claims to be?) and origin (Where does this product come from?), creating an auditable record of the journey behind all physical products.
Everledger gives physical assets an identity, enabling items to have proof of authenticity, existence as well as ownership. This provides confidence in the information captured and tracked through their lifetime journey. From diamonds and coloured gemstones, to luxury goods and insurance, their solutions are trusted by businesses across a range of different industries.
IBM Food Trust uses blockchain technology to create visibility and accountability in the food supply chain; it connects growers, processors, distributors, and retailers through a permissioned, permanent and shared record of food system data.
Chainvine applies blockchain technology to make supply chains more transparent and effective. The company integrates its clients’ existing databases into a Distributed Ledger Technology (DLT) platform that ensures that data is more efficiently stored and managed.
As of now, Chaivine has been working in the steel and in the wine industry.
Digital Identities and Rights
With Blockchain technology you can create a system for registration of personel information, i.e. identity. The individual person becomes a Blockchain of information, authorities can then add formel documents to the individual, i.e. banks or other institutions can track and trace the individual they have lend money to. The history and all single activities concerning each person will be consistant and incorruptable.
Approved authorities, i.e. the governement will be able to tailor the level access to a persons blockchain to specific, approved entities and authorities.
Moni allows refugees in Finland to have a unique digital identity stored on the blockchain connected to a Moni account, which functions as a bank account. It is difficult to integrate and advance in society without an official ID. Through MONI, refugees can buy things, pay bills, send, borrow, lend money without costs or interest. The technology helps unbanked asylum seekers advance because what is typically keeping them from getting bank accounts and jobs is that they are missing a form of strongly authenticated identity.
Superblocks‘ platform ‘Superblocks Studio’ helps you code, build and deploy smart contracts and decentralized applications. The company recently released Marriage Unblocked together with Swedish fashion brand Björn Borg and allows anyone to get married using blockchain technology without third party involvement.
For the public sector the implementation possibilities are vast. But carried out with understanding of the work and the processes bridging it to Blockchain technology it can lead to transparent and faster expedition and processes regarding in the areas of i.e. regulation, digital identification.
The Dutch government have had a lot of great experience in implementation in the public sector, have a look at their Blockchainpilots.
ICTU The blockchain trend aims for a holistic solution to hard-to- solve issues regarding trust and productivity. And thus, it can develop the solution to issues that are by now well-known within the Dutch government.
Blockchain in itself is about community and common purpose that benefits all, the motivation behind it is very much in line with the ideas and principles of sustainability and taking care of our environment. That is why the technology is well suited for a smooth and seamless integration in responsible initiatives.
Companies like Solstroem, Poseidon, Ekofolio and BLOC provide perfect examples of such an integration.
Solstroem aims at incentivizing a transition towards solar energy production and at the same time provide a mechanism for the targeted and traceable offsetting of CO2 emissions by individuals and businesses wishing to do so on a voluntary basis.
Poseidon‘s first focus is on a retail integration, attaching carbon credits to everyday purchases: simple and accessible method of purchasing carbon credits in place, each and every one of us will be able to support crucial land-based emission reduction projects.
Ekofolio platform utilising blockchain technology to enable ‘fractionalisation’ of forest ownership – an approach which radically reduces transaction costs, and completely reinvents the way such assets will be invested in, and managed in the future.
BLOC is working with the maritime industry for solutions in the areas of emissions monitoring, reporting and verification, digital certifications for vessel type and classification, interoperable reputation systems and alternative fuels exchange markets.
Through Blockchain technology the energy sector has been able to support it’s development of energy trade, all the way from consumer, who are now also producers, suppliers and broker companies.
Some of the companies that has implemented the technology successfully and how the use the tech are mentioned below.
Solar DAO creates a Community to easily fund PV solar plants across the globe. It helps to reduce risks and costs. Allows to get ROI in one level with large owners with no extra fees on 3rd parties.
The Sun Exchange – Your solar cells are operating and the Sun Exchange collects and pays you your monthly lease rental payments into a convenient wallet. Earnings are calculated on the amount of electricity your solar cells have produced.
Pylon Network is an open-source, P2P energy trading platform designed as a cooperation tool for all players of the energy sector (consumers, prosumers, producers, and all the rest stakeholders of the energy market) , who want to be part of the energy transition. Energy can now be traced and paid for instantaneously by leveraging the transparent, immutable nature of blockchain technology for the benefit and optimization of our energy systems.
LO3ENERGY‘s permissioned data platform that creates localized energy marketplaces for transacting energy across existing grid infrastructure.