The Danish Business Authority is constantly seeking to minimize the admin-istrative burdens of Danish business. This includes concurrent business re-porting to the authorities, for instance on annual financial statements, car-ried out by most of the +300,000 SMEs across the country. As part of the Danish Business Authority’s strategy supporting businesses with seamless, digital, services, the Danish Business Authority wanted to explore how blockchain technology would impact the business process of doing business and reporting to the government agencies. The goal was to find a technolo-gy that could minimize administrative burdens for SME while securing the right amount of revenue and compliance for the government agencies.
Deloitte’s NextGen Team has together with the Danish Business Authorities proposed a solution in which buyer and seller can store digital invoices on a blockchain-based platform, using a common standard enabled by the most common ERP-vendors. This means the invoicing process takes place instant-ly, with full transparency for both parties and end-to-end digital. Achieving transaction-level data in near-real time enables a range of value-adding use cases Deloitte has explored with the Danish Business Authorities since: For instance real-time reporting of economy, real-time analytics on fraudulent behavior and the possibilities of tokenization of invoices leading to new ways of raising capital without the traditional struggles SME face today.
Working with the Danish Business Authority, Deloitte has built a prototype using Blockchain-as-a-Service to ensure enterprise readiness. Deloitte se-lecting a Parity instance of open-source Ethereum blockchain technology with a web interface, and enabled a BaaS provider to mature the prototype for further integrations with National e-ID and ERP vendors. Most recently, the NextGen Team together with Deloitte experts in Audit, Tax & Legal has assisted the Danish Business Authorities in identifying the potential and challenges of said solution.