After years of development, Concordium unveiled its permissionless blockchain and MVP, designed to meet the needs of businesses by providing transparency and governance, all of which are focused on protecting user privacy.
Identity-centric network to promote wider corporate adoption
Although the novel properties of blockchain are undisputed, the adoption of distributed ledger technology (DLT) in companies has remained sluggish as bad actors dwindle trust due to the anonymity promised by many existing chains. Aside from these relevant concerns, some companies are cautious about adopting the technology due to regulatory requirements.
Concordium has been striving to overcome these obstacles since 2018 and has now revealed its answer to these challenges. With its Concordium mainnet, which is now live together with the corresponding GTU cryptocurrency, the company is doing pioneering work for 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 engages businesses by protecting their interests through increased transparency, improved governance, and privacy. Most importantly, the blockchain has been specifically created in compliance with legal regulations.
Much of this is based on his approach to onboarding new users through his built-in log-level user identification method. This ensures that a person’s identity is confirmed, kept secret and verifiable during transactions. In addition to increasing the trust quotient that the blockchain is supposed to offer, the value of this level of compliance directly supports company acceptance.
The success of this system will be based on its zero-knowledge evidence, which ensures that two parties can interact, conduct transactions and exchange values in a trustworthy manner without revealing a counterparty’s identity and compromising their privacy. This embedded form of KYC and AML will go a step further to woo the enterprise customers who have shied away from taking advantage of the capabilities of the blockchain.
In light of this new approach to blockchain technology, which is more rule-based global business needs, especially with regard to regulatory compliance, Concordium aims to bring broader support to businesses with its network. These valuable attributes, combined with the secure, cost-effective architecture with high throughput, ensure that services such as data sharing, storage and more meet the strict requirements of corporate operators and thus open the door to acceptance.
Which applications of the blockchain can you think of for use cases in companies? Let us know in the comments section below.
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