Blockchain has caught the attention of several powerful figures and its use cases are on the rise. According to recently published reports, the former prime minister fo Denmark, Anders Fogh Rasmussen former Secretary General of NATO who has served the Prime Minister’s office thrice, has advocated the potential of blockchain tech and has joined the Concordium advisory team as a strategic advisor. This is the first time that a former prime minister has leapt into the bandwagon of promoting and supporting the new tech.
Concordium, which claims to be the world’s first identity validating, regulatory-compliant blockchain, mentioned in a press release that Rasmussen, who has connections in the public sector and experience managing large-scale nonprofit innovation centred initiatives, will be utilizing his strategic expertise in an effort to aid in the project’s global expansion. Lars Seier Christensen, the Chairman of Concordium said:
“Anders will play a pivotal role in our global expansion plans to move into areas that require a blockchain solution for secure and private communications, as well as liaising with governmental departments that will benefit from its implementation… With Anders’ guidance, Concordium is better equipped to become a globally trusted network for secure transactions, most notably by improving the integrity of the voting process.”
Concordium is developing a KYC/ID ready blockchain network with which will be focussing on security, scalability, and science. The project has a dedicated team of cryptographers, is what they say sets their blockchain apart.
The services that Concordium offers are:
- Programmable accounts: Smart contracts in which the user can set rules on how funds are transferred and managed, and which execute automatically under proper conditions.
- Hyper-transactions: Give users greater control over whether contracts are executed, and greater freedom to decide what information is necessary from third parties before completing a transaction.
- Identity Layer: New users will be boarded through a Trusted Identity Issuer that screens and verifies a user’s ID before granting full access, ideally ensuring there’s nothing rotten in the state of their application.
- Transaction Privacy: Whereas most blockchains have users transact anonymously on a public blockchain, the Concordium blockchain is privatized with Zero-Knowledge Proofs.
The scope and scale of the Concordium project are ambitious and they want a total overhaul of traditional information tech methods and implementation of a smart contract network compliant with all legal requirements.