May 27, 2019
Concordium is an open source blockchain that integrates ID-verification and is designed to allow anyone access to run applications in a secure, distributed blockchain network. Concordium aims to help users reduce internal infrastructure requirements, streamline processes, and consequently introduce huge cost savings. Concordium’s proof-of-concept was released in January 2019.
The Concordium Foundation’s goal is to make the Concordium Network the world’s first identity-validating, regulatorily compliant blockchain network, designed to provide both a solid store of value and the global backbone for keeping track of the world’s transactions. The Concordium Network features a protocol-layer ID/KYC mechanism, which will ensure that every user on the network is identified, and every transaction involves provenance tracking.
The idea behind the Concordium Network is to create what will become an automated global forum for transaction logging. A resource any user, company, business, or public sector agency can tap into to run smart contracts and other services, leading to considerable efficiency gains and cost savings, and creating network growth by rewarding participants for enabling the network’s operation.
Concordium has an extremely impressive team, comprising Danish business tycoon and Co-founder of Saxo Bank, Lars Seier Christensen (Chairman), Vice Chairman of Volvo Cars, Lone Fønss Schrøder (CEO), Former Vice Chairman of NASDAQ, Hans-Ole Jochumsen (Advisor), among others.
I invited Lone Fønss Schrøder onto my show to learn more about Concordium. Schrøder has a decade of experience in senior management and fintech and has served in numerous C-list roles, including leading positions at A.P. Møller - Mærsk for 22 years, and CEO for Wallenius Lines 2005-2010. Lone is a co-founder of the fintech company Cashworks, and also serves as chairman of Nustay, vice chairman of Volvo Cars and as a member of the board of directors of Ikea.