Concordium aims to end the era of anonymity in crypto industry

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The anonymity of Bitcoin (BTC) and different cryptocurrencies is a scorching subject within the crypto house. Whereas the transactions are open to trace in a public blockchain, it’s difficult to hyperlink a transaction with a real-life particular person in lots of use instances. As an identity-centric platform, Concordium takes a distinct course by providing full transparency.

“The time has come for the blockchain trade to respect the overall guidelines of society,” Concordium chairman Lars Seier Christensen mentioned 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 members trying to enter crypto and blockchain are hindered by the dearth of a regulation-friendly setting, which delays the trade’s broader adoption.

The Concordium platform affords “ensures of governance and transparency, with out compromising privateness,” the announcement reads. Customers are identifiable and the provenance of each transaction is trackable to fulfill the wants of world regulators.

As Cointelegraph beforehand detailed, Concordium utilizes a two-step process to realize privateness with out anonymity. Identities are verified by way of Know Your Shopper suppliers. The identification suppliers retailer the non-public information behind a person ID reference, issuing an identification 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 allows governments to make use of the identifier with the identification supplier to disclose real-world information, however provided that they supply official and particular mandates like court docket orders.

“This trade wants to understand that with out belief and acceptance, there’s nothing,” mentioned Concordium chief govt Lone Fonss Schroder. She added:

“World enterprise is rules-based. The earlier the blockchain and crypto trade wakes as much as the necessity to play by the principles, the earlier the total potential of blockchain will likely be realized.”

Earlier this 12 months, Concordium raised over $41 million from non-public and strategic gross sales, valuing the corporate at $4.45 billion.