This year’s winners of the sixth annual Finance Day at the Danish IT University (ITU) were Liv Hartoft Borre and Magnus Krogsbøll.
Their winning entry is a prototype of a municipal smart-contract, where citizens can follow their own case as it is processing at the municipality.
Happy to be named as the winning project, Hartoft Borre said: ”It is truly a recognition of the project.”
The idea for the project sprang out of a shared interest to learn blockchain.
“You are forced to follow the rules via the steps defined, with the [contract] process being been created in blockchain. The process is open and you can make sure the process is followed properly, and that the municipal case manager does not forget anything, ” Krogsbøll explains.
Transparency Creates Trust
The smart-contract solution will allow the citizen to follow the governmental case in real-time and allows for full transparency of the steps and handling of the case.
“Up until now, the citizen needed to have full confidence in both the municipality's case management and the bank responsible for payment [which in certain cases are needed]. With blockchain, that process is presented openly. Citizens can [with the new smart-contract] see what decisions have formed the basis of the decisions and support given to the citizen,” explains Hartoft Borre.
Risk and Opportunity
The project is still at the prototype stage. The two developers explain that the purpose of the prototype is to investigate whether blockchain technology can be used to solve the challenges in the municipalities.
Although Hartoft Borre and Krogsbøll conclude that there are benefits to the municipality, the citizen and the National Board of Appeal, they also point out the risks associated with using the technology in a municipal system.
"The data on the citizen is publicly available in the blockchain, so there are challenges and risks in relation to privacy and how data is to be handled," Hartoft Borre explains.
What will happen next in Hartoft Borre and Krogsbøll’s project is uncertain at this time.
About Finance Day
It is the sixth year that the Danish Financial Sector Employers' Association (FSA) is arranging the Finance Day in collaboration with the Danish IT University, in Copenhagen.
During the Finance Day, students from the IT University can meet and network with potential employers from the financial sector in Denmark.
The winners of this year's bachelor project were awarded a prize of 30 000 Danish Kroner.
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