After years of development, Concordium has unveiled its permissionless blockchain and MVP designed to meet the needs of enterprises by providing transparency and governance with an orientation to protect user privacy.
Identity-focused network to drive broad business adoption
Although there is no dispute over the new features of blockchain, the adoption of distributed ledger technology (DLT) has been slow due to the lack of trust from bad actors through the anonymity promised by many existing chains. In addition to these pertinent concerns, some enterprises are wary of adopting the technology due to regulatory requirements.
From 2018, concordium Tried to remove these obstacles and now reveal the answers to these challenges. With its Concordium mainnet now live alongside its associated GTU cryptocurrency, the organization is pioneering a new decentralized, public blockchain model.
Rather than providing the anonymity features that define other chains, Concordium has focused on providing a rules-based system that will appeal to enterprises by protecting their interests through increased transparency, improved governance, and privacy. Most importantly, the blockchain is purposefully built with regulatory compliance in mind.
Much of this rests on its approach to onboard new users through its built-in user identification method at the protocol level. It ensures that an individual’s identity is confirmed, kept private, and verifiable across transactions. In addition to adding to the trust quotient that blockchain targets, the value of this degree of compliance directly supports enterprise adoption.
The success of this system will depend on its zero-knowledge proofs, which ensure that two parties interact, transact and exchange value in a reliable manner without revealing the identity of the counterparty and without compromising their privacy. can do. This embedded form of KYC and AML will go a step further in wooing enterprise customers who shy away from taking advantage of the capabilities of blockchain.
Given this new approach to blockchain technology, which is in line with more rules-based global business demands, in particular regulatory compliance, Concordium aims to foster more comprehensive corporate support with its network. These valuable features combined with their secure, high-throughput, low-cost architecture ensure that services such as data sharing, storage, and more meet the stringent demands of enterprise operators, opening up a flood of adoption.
What are some of the applications you can think of for blockchain for enterprise use cases? Let us know in the comments section below.
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