Concordium Chief Executive Officer Lone Fonss Schroder believes crypto and blockchain industries need to play by the rules to realize their full potential and that is why their identity-centric platform goes against the norm in offering complete transparency.
In an announcement, Concordium Chairman Lars Seier Christensen said, “The time has come for the blockchain industry to respect the general rules of society,” emphasizing the launch of their network will put an end to concerns of anonymity, opacity and lack of transparency.
In a public blockchain, transactions are open for tracking but it is a completely different story when it comes to linking a transaction to a real-life person as the process remains too difficult.
A guarantee of transparency
As it also believes that the lack of a regulation-friendly environment hinders the entry of credible participants to the crypto and blockchain industry, delaying its broader adoption, the Concordium platform offers guarantees of governance and transparency without compromising privacy.
The blockchain and its cryptocurrency GTU is expected to launch its mainnet this June 9 and was developed and advised by leading executives and board members from corporations that include Volvo, Ikea, Saxo Bank, MasterCard, among many more others.
To meet the requirements and needs of global regulators, users will be identifiable and their transactions will be traceable, claimed Concordium.
Making all of these possible
The blockchain network will leverage a two-step process to achieve privacy without anonymity.
Know Your Client providers will be verifying the identities of users and will store the personal data behind a user ID reference. The data will then be stored on the blockchain in an encrypted form.
Meanwhile, on-chain anonymity revokers can decrypt the certificates issued by identity verifiers to extract user ID, allowing governments to reveal real-world data but only after providing official and specific mandates such as court orders.
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