“We’re hard at work creating a global, decentralized, publicly accessible, fully secure transaction logging network that can be used by any business to log and execute almost any transaction. Such a network can potentially deliver large cost savings to many businesses – both because of saving money on internal infrastructure and because of access to new possibilities,” explains Concordium CTO Mateusz Tilewski.
“In many ways this is not all that different from what the rapid growth of the Internet – but where the founders of the Internet failed to set in place a mechanism that would create an intrinsic economy around using the network transport provided, the whole idea behind the Concordium network is to create what will, in essence, become an automated global marketplace for transaction logging. Any user, company, business or public sector agency can tap into our network to run smart contracts and other services. This will lead to considerable efficiency gains and cost savings while fueling the intrinsic economy of the Concordium network and create network growth by rewarding participants for enabling the networks’ operation.”