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Concordium CEO believes that the crypto and blockchain sectors must follow the regulations in order to reach their full potential.
Bitcoin (BTC) and other cryptocurrencies’ anonymity is a major topic in the crypto community. While transactions on a public blockchain may be tracked, it is difficult to trace a transaction to a real-life individual in many use cases. Concordium, being an identity-centric platform, offers a different approach by providing total 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 provides “guarantees of governance and transparency without jeopardising privacy,” according to the statement. To fulfil the demands of global regulators, users are identified, and the origin of every transaction is trackable.
Concordium, as previously stated, employs a two-step technique to ensure privacy without anonymity. Know Your Client providers validate identities. Personal data is stored behind a user ID reference by identity providers, who provide an identity certificate. This is then encrypted and kept on the blockchain.
These certificates can be decrypted by on-chain anonymity revokers to obtain the user ID. This allows governments to utilise the identification in conjunction with the identity provider to divulge real-world data, but only if they present formal and explicit requirements, such as court orders.
“This industry needs to understand that there is nothing without trust and acceptance,” said Concordium CEO Lone Fonss Schroder. She continued, saying:
“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.