New strategic partnership with Concordium

NTT DATA Business Solutions and Concordium have formed a new strategic partnership. This means that NTT DATA Business Solutions is a new Nordic implementation partner of Concordium’s science-based blockchain.

The best type of partnerships are the ones where both parties can help each other progress.

Concordium is a blockchain with a smart contract layer for business, an ID layer at protocol level and a focus on energy-efficiency as well as low and stable transaction costs. This is the first blockchain designed to be regulatorily compliant, with the aim of promoting more wide-spread adoption of blockchain technology. This means that Concordium is designed to integrate with current financial and business systems that require knowledge of a user’s identity. The company was founded by Lars Seier Christensen (co-founder of Saxo bank) and their expert team combines extensive experience in building enterprise software.

The benefits of blockchain go beyond its distributed ledger technology. They include transparency, efficiency, trust, immutability of data, and even a smaller carbon footprint as compared to traditional IT solutions and technologies if the right technology is applied to replace the right types of functions. Businesses worldwide are taking an active interest in this technology and the capabilities that come with it.

Innovative collaboration brings new opportunities
Given that blockchain is one of the most important innovations of recent times, the collaboration with Concordium is highly relevant and enables new opportunities for both partners. From NTT DATA Business Solutions’ perspective, the main purpose behind the collaboration is to offer customers an end-to-end blockchain solution that is enterprise ready and scalable, as well as to be able to explore possible customer cases in a development environment with direct access to Concordium’s expertise within the blockchain domain.

For Concordium, NTT DATA Business Solutions is a partner who can integrate blockchain into the business of existing and new customers hence taking the technology to scale through new ways of leveraging its potential.

Lone Fønss Schrøder, CEO, Concordium, says:

– We are witnessing a growing adoption of blockchain technology; but the enterprise market is still a step behind. Blockchain can be a game changer for the future economy. However, to ensure wider adoption, financial institutions and enterprise customers require full accountability and auditability. That is something the Concordium solution can offer. Together with NTT DATA Business Solutions’ global reach and reputation, we can work together to educate and bring solutions to the enterprise market.

Per Falck Jensen, Managing Director, NTT DATA Business Solutions Denmark, says:

– We have been working with blockchain technologies during the past couple of years. And now, it’s becoming even more relevant as we can see that traceability and trust is a key focus in many of our customers’ current and planned projects. We also see an increased focus on backing sustainability work with data – particularly data that is immutable and trustworthy. Growing regulatory requirements from national governments and the EU further incentivizes companies to document, for example, CO2 emissions or chains of custody through long and complex supply chains. Only blockchain can really guarantee this effectively.

Here, blockchain technology can support, which makes it highly relevant in the delivery of valuable services to customers across industries.

He concludes:

– This new partnership is particularly interesting for us because we see an increased focus on non-changeable assets in the market, and we get to work with a new blockchain technology that supports our focus within this area.

Interested in learning more about what we can do for you? Contact our blockchain expert, Daniel Broe, at [email protected].

For more information about Concordium, visit: concordium.com.