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Finanswatch, Denmark: Cognizant’s Country Manager for Denmark Says Blockchain can Help the Financial Services Sector Reduce Costs and Optimize Processes

“The use of blockchain technology will ease costs in the financial services sector, and work has already begun to introduce new solutions to automate multiple processes,” says Thomas Djursoe. “In recent years, we have seen several Danish FinTech initiatives around blockchain and its underlying technology.” Excerpts:

“Well-established financial institutions, large well-reputed companies as well as startups and public institutions are exploring the possibilities around the use of blockchain.

One of the barriers to blockchain integration is the lack of knowledge about how the actual transfers take place between people and the blockchain system.

Many think about bitcoin or other cryptocurrencies when blockchain is mentioned, but I think that we are going to see the technology create automated settlement of contracts through so-called “smart contracts”. For example, smart contracts can execute financial contracts such as shares, bonds and other securities.

There is undoubtedly some footwork in relation to legislation in this area, because the potential and consequences go a long way.

We think Denmark is on the forefront.”

Click here to read the article in Danish (DKR).

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