The anonymity of Bitcoin (Bitcoin) And other cryptocurrencies are hot topics in the crypto field. Although transactions can be tracked in a public blockchain, it is challenging to connect transactions with people in real life in many use cases. As an identity-centric platform, Concordium develops in different directions by providing a completely transparent way.
“It’s time for the blockchain industry to respect the general rules of society,” Concordium Chairman Lars Seier Christensen said in a statement. He added that the launch of Concodium Blockchain marks the end of an era of anonymity, opacity and lack of transparency.
The Concordium blockchain and its cryptocurrency GTU were developed and advised by key executives and board members of companies such as Volvo, IKEA, Saxo Bank, and MasterCard. The mainnet will be launched on June 9.
According to the press release, Concordium believes that trusted participants who wish to enter encryption and blockchain are hindered by the lack of a regulatory-friendly environment, which delays wider adoption in the industry.
The announcement stated that the Concordium platform provides “guarantees of governance and transparency without compromising privacy.” Users are identifiable, and the source of each transaction is traceable to meet the needs of global regulatory agencies.
As Cointelegraph detailed earlier, Concordium uses a two-step process Achieve privacy without anonymity. Identity is verified by a “know your customer” provider. The identity provider stores the personal data in the user ID reference and issues the identity certificate. Then it is stored on the blockchain in encrypted form.
An anonymous revoker on the chain can decrypt these certificates to extract the user ID. This enables governments to use identity provider identifiers to reveal real-world data, but only if they provide official and specific authorizations, such as court orders.
Concordium CEO Lone Fonss Schroder said: “This industry needs to realize that without trust and acceptance, there is nothing.” She added:
“Global business is rule-based. The sooner the blockchain and crypto industry realize the need to comply with the rules, the sooner the full potential of the blockchain will be realized.”
Earlier this year, Concordium raised more than $41 million from private and strategic sales, and the company was valued at $4.45 billion.