In July 2015 Luxembourg became the first EU country to give complete legal equivalency to most of electronically archived documents over their paper originals and to put in place a certification for those actors offering e-archiving as a trusted third party or for their own needs, the so called “PSDC” status (“Dematerialisation and conservation service provider”).
Being certified as a “PSDC” gives a company automatic recognition of being compliant with the national legislation on e-archiving, changing thus the “burden of proof” before a court.
Furthermore the bill on e-archiving opens all doors to make Luxembourg the preferred entrepôt for business and institutions looking to centralise and secure all of their electronically archived data in one place.
Other legal systems have not kept pace with the real-time needs of the electronic age. Not only freeing bodies from cumbersome paper original records, Luxemboug’s cutting-edge storage facilities provide the ideal place to mine the data’s valuable content.
Using algorithms such as GuideSpark, which mines stored consumer behaviour and has been proven to increase sales by as much as threefold, a recent Wall Street Journal finding cites data mining as a business with an annual growth rate of 50%. What’s more, as a sector it attracted $400 million in VC funding in Silicon Valley in 2014 alone.
