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After years of development, Concordium has unveiled its permissionless blockchain and MVP that is designed to meet the needs of enterprises by delivering transparency and governance, all with an orientation towards protecting user privacy.
Identity-Centric Network to Promote Broader Business Adoption
Although blockchain’s novel characteristics are not in dispute, corporate adoption of distributed ledger technology (DLT) has remained sluggish due to bad actors diminishing trust via the anonymity promised by many existing chains. Besides these relevant concerns, some enterprises are wary of embracing the technology due to regulatory requirements.
Since 2018, Concordium has endeavored to overcome these obstacles and now has revealed its answer to these challenges. With its Concordium mainnet now live alongside its corresponding GTU cryptocurrency, the organization is pioneering a new decentralized, public blockchain model.
Instead of providing the anonymity features that define other chains, Concordium has focused on delivering a rule-based system that will appeal to enterprises by safeguarding 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 onboarding new users through its built-in user identification methodology at the protocol level. This ensures that an individual’s identity is confirmed, kept private, and verifiable in transactions. Besides adding to the trust quotient the blockchain aims to offer, the value of this degree of compliance directly supports enterprise adoption.
The success of this system will rest on its zero-knowledge proofs, which ensure that two parties can interact, transact, and exchange value in a trusted manner without having to expose a counterparty’s identity and compromising their privacy. This embedded form of KYC and AML will go a step further towards wooing the enterprise clients that have shied away from leveraging blockchain’s capabilities.
Given this fresh approach to blockchain technology that conforms to more rule-based global business demands, especially in regulatory compliance, Concordium aims to spark more widespread corporate endorsement with its network. These valuable attributes, combined with its secure, high-throughput, low-cost architecture, ensures that services like data sharing, storage, and more, meet the rigorous demands of enterprise operators, opening the adoption floodgates.
What are some applications of blockchain can you think of for enterprise use cases? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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