Cryptocurrency News

Concordium aims to end the era of anonymity in the crypto industry

Bitcoin anonymity (B T c) and other cryptocurrencies are a hot topic in the crypto space. While transactions are open to be tracked in a public blockchain, in many use cases it is challenging to connect transactions with a real-life person. As an identity-focused platform, Concordium takes a different direction by providing complete transparency.

“The time has come for the blockchain industry to respect the general rules of society,” said Lars Seer Christensen, president of Concordium, in an announcement. He added that the launch of the Concordium blockchain marks the end of an era of anonymity, obscurity and lack of transparency.

Developed and mentored by key executives and board members from corporations such as Volvo, Ikea, Saxo Bank, Mastercard, and others, the Concordium blockchain and its cryptocurrency GTU will launch mainnet on June 9.

According to the release, Concordium believes that credible participants seeking to enter crypto and blockchain are hindered by the lack of a regulation-friendly environment, which delays widespread adoption of the industry.

The Concordium platform provides “guaranteed governance and transparency, without compromising on privacy,” the announcement reads. Users are identifiable and the origin of every transaction is trackable to meet the needs of global regulators.

As previously detailed by Cointelegraph, Concordium uses a two-step process To achieve privacy without anonymity. Identities are verified through Know Your Customer providers. Identity providers store personal data behind a user ID reference, issuing an identity certificate. It is then stored in an encrypted form on the blockchain.

Reverse on-chain anonymity can decrypt these certificates to extract the user ID. This enables governments to use an identifier with an identity provider to reveal real-world data, but only if they provide an official and specific order, such as a court order.

“This industry needs to realize that without trust and acceptance, nothing is anything,” said Lon Fons Schröder, chief executive of Concordium. she added:

“Global trade is rules-based. The sooner the blockchain and crypto industries wake up to the need to play by the rules, the sooner the full potential of blockchain will be realized.”

Earlier this year, Concordium raised more than $41 million from private and strategic sales, valuing the company at $4.45 billion.