Blockchain platform Concordium joins FinTech Association of Japan

Blockchain platform Concordium joins FinTech Association of Japan

Concordium- a decentralized blockchain platform for businesses, has recently been added to the FinTech Association of Japan (FAJ)- a non-profit organization that focuses on financial innovation. While the agency’s focus is centered around Japan, FAJ extends support to many notable fintech companies such as Visa, JP Morgan, and PayPal, to name a few.

Reportedly, the entry of Concordium into the group will allow the blockchain project to work towards adopting an enterprise-friendly network. The platform has been developed to extend support to identity management, to allow businesses to transact in a private and regulated manner. This may be achieved through zero-knowledge proofs that facilitate the information to be calculated without revealing what the content is.

In addition to the above, there is a growing need to instill privacy into the public blockchain system as the information on the public blockchains can be inspected by anyone, thereby implying that the third parties can view the transactions including the amount that are being transmitted between the counterparts.

Seemingly, this is the core feature of public blockchains like Bitcoin, which allows them to be independently verified with the help of a common block explorer. This feature however costs enterprises their privacy as they will be reluctant to use the public blockchain platform and disclose sensitive financial information.

Reportedly, the new offering by Concordium provides both, openness and privacy. It offers universal access to a public ledger along with the ability to protect transactions so that only the sender and recipient can view the content.

According to Lone Fonss Schroder, CEO, Fintech Association of Japan, the organization is aiming at enhancing understanding among people regarding how blockchain may be used positively and boost fintech innovation.

It is worth noting that, Concordium comprises a team of highly- skilled C-level executives and advisors who carry vast experience in the financial and technology industry. Moreover, former COO of Skype – Michael Jackson, and Ex- Vice-Chairman, NASDAQ- Hans-Ole Jochumsen , are among the few notable people on its advisory board.

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