The anonymity of Bitcoin (BTC) and other crypto assets is a controversial issue in the cryptocurrency space. Although transactions can be tracked on a public blockchain, in many use cases it is difficult to link a transaction to a real person. As an identity-centric platform, Concordium goes in a different direction by offering full transparency.
“It is time for the blockchain industry to respect the general rules of society.” said the President of the Concordium, Lars Seier Christensen, in an ad. The introduction of the Concodium Blockchain marks the end of the era of anonymity, opacity and intransparency, he added.
Developed and advised by key executives and board members of companies such as companies Volvo, Ikea, Saxo Bank, MasterCard, and other, The Concordium Blockchain and its GTU cryptocurrency will launch the mainnet on June 9th.
According to the statement, Concordium believes that credible participants looking to get into the cryptocurrency and blockchain space are hampered by the lack of a regulation-friendly environment, which is delaying wider adoption into the industry.
The platform Concordium Offers “Guarantees for governance and transparency without compromising privacy”, says the ad. Users are identifiable and the origin of every transaction is traceable to meet the requirements of global regulators.
As Cointelegraph has pointed out, Concordium uses a two-step process to achieve data protection without anonymity. Identities are created by the providers of. checked “Know your customer”. Identity providers store personal data behind a user identification reference and issue an identity certificate. This is stored in encrypted form on the blockchain.
Anonymity revokers in the chain can decrypt these certificates to extract the user ID. This enables governments to use the identifier with the identity provider to divulge real data, but only if they give specific and official mandates such as court orders.
“This industry has to recognize that there is nothing without trust and acceptance” said the CEO of Concordium, Lone Fonss Schröder. And he added:
“Global business is based on rules. The earlier the blockchain and cryptocurrency industry becomes aware of the need for compliance, the sooner the full potential of the blockchain will be exploited. “
Earlier this year, Concordium raised more than $ 41 million from private and strategic sales and valued the company at $ 4.45 billion.