The Danish Council for Strategic Research has granted DKK 26.5m (USD 5.3m), its largest sum ever, to a research project on e-commerce, reports financial daily newspaper Børsen. IT Professor Ivan Damgaard, who is known for his encryption technology Secure Multiparty Computing, will head the project, starting on 1 July 2010.
"In recent years, all sorts of commerce have started being carried out electronically, and the markets that are now emerging have another character than previously. We will thus work on understanding the new mechanisms and finding out how they function optimally," says Ivan Damgaard.
The six year project will look at how to digitalise public and private sector tenders and how to secure digital transactions.
"There was a time when everything was done with paperwork and if you invited tenders, there was no security for who saw the papers and so had knowledge of competitors' data. The benefit is that we can develop an encryption method which ensures that no one has access to the data apart from the computer. It means that a given party who puts in a bid, can feel completely safe," says Professor Damgaard.
Helge Sander, the Minister for Science, Technology and Innovation says to Børsen that it is important that Denmark can gain new digital ground in more advanced e-commerce services, thereby creating promising potentials for the country both in terms of research and business.
Figures from Danish e-commerce analysis shows a 15.9% growth from Q3 2008 to Q3 2009 measured on PBS card transactions.