The anonymity of Bitcoin (BTC) and different cryptocurrencies is a scorching matter within the crypto area. Whereas the transactions are open to trace in a public blockchain, it’s difficult to hyperlink a transaction with a real-life individual in lots of use circumstances. As an identity-centric platform, Concordium takes a unique course by providing full transparency.
“The time has come for the blockchain business to respect the final guidelines of society,” Concordium chairman Lars Seier Christensen stated in an announcement. The launch of Concodium Blockchain marks the tip of the period of anonymity, opacity, and the dearth of transparency, he added.
Developed and suggested by main executives and board members from companies like Volvo, Ikea, Saxo Financial institution, MasterCard, and others, the Concordium Blockchain and its cryptocurrency GTU will launch the mainnet on June 9.
In response to the discharge, Concordium believes credible contributors seeking to enter crypto and blockchain are hindered by the dearth of a regulation-friendly setting, which delays the business’s broader adoption.
The Concordium platform provides “ensures of governance and transparency, with out compromising privateness,” the announcement reads. Customers are identifiable and the provenance of each transaction is trackable to satisfy the wants of worldwide regulators.
As Cointelegraph beforehand detailed, Concordium utilizes a two-step process to realize privateness with out anonymity. Identities are verified through Know Your Shopper suppliers. The id suppliers retailer the non-public knowledge behind a person ID reference, issuing an id certificates. That is then saved on the blockchain in an encrypted type.
On-chain anonymity revokers can decrypt these certificates to extract the person ID. This permits governments to make use of the identifier with the id supplier to disclose real-world knowledge, however provided that they supply official and particular mandates like court docket orders.
“This business wants to comprehend that with out belief and acceptance, there may be nothing,” stated Concordium chief govt Lone Fonss Schroder. She added:
“International enterprise is rules-based. The earlier the blockchain and crypto business wakes as much as the necessity to play by the principles, the earlier the complete potential of blockchain can be realized.”
Earlier this yr, Concordium raised over $41 million from personal and strategic gross sales, valuing the corporate at $4.45 billion.