The anonymity of Bitcoin (BTC) and other cryptocurrencies is a hot topic in the crypto space. While the transactions are open to track in a public blockchain, it is challenging to link a transaction with a real-life person in many use cases. As an identity-centric platform, Concordium takes a different direction by offering complete transparency.
“The time has come for the blockchain industry to respect the general rules of society,” Concordium chairman Lars Seier Christensen said in an announcement. The launch of Concodium Blockchain marks the end of the era of anonymity, opacity, and the lack of transparency, he added.
Developed and advised by leading executives and board members from corporations like Volvo, Ikea, Saxo Bank, MasterCard, and others, the Concordium Blockchain and its cryptocurrency GTU will launch the mainnet on June 9.
According to the release, Concordium believes credible participants looking to enter crypto and blockchain are hindered by the lack of a regulation-friendly environment, which delays the industry’s broader adoption.
The Concordium platform offers “guarantees of governance and transparency, without compromising privacy," the announcement reads. Users are identifiable and the provenance of every transaction is trackable to meet the needs of global regulators.
As Cointelegraph previously detailed, Concordium utilizes a two-step process to achieve privacy without anonymity. Identities are verified via Know Your Client providers. The identity providers store the personal data behind a user ID reference, issuing an identity certificate. This is then stored on the blockchain in an encrypted form.
On-chain anonymity revokers can decrypt these certificates to extract the user ID. This enables governments to use the identifier with the identity provider to reveal real-world data, but only if they provide official and specific mandates like court orders.
“This industry needs to realize that without trust and acceptance, there is nothing,” said Concordium chief executive Lone Fonss Schroder. She added:
“Global business is rules-based. The sooner the blockchain and crypto industry wakes up to the need to play by the rules, the sooner the full potential of blockchain will be realized.”
Earlier this year, Concordium raised over $41 million from private and strategic sales, valuing the company at $4.45 billion.