Blockchain Compliance by Design: Concordium Comes Ready Made for Big Business

Tuesday 01 September 2020, 6:07 AM AEST - 1 month ago

Blockchain Compliance by Design: Concordium Comes Ready Made for Big BusinessadvertisementPrimeXBT

Adopting blockchain technology has until now presented a double-edged sword for businesses. The desire to keep up to date with transformative business practices has rightfully been balanced by a need to retain regulatory compliance. Numerous projects claim to offer blockchain architecture for big business, but most turn out to be either wholly private and unwieldy or precariously open, permissionless and unaccountable.

Concordiums entrance to the blockchain space has already shifted that paradigm. As the Swiss non-profit Concordium Foundation leads the project towards Testnet 3.0, Concordiums combination of the best of both public and private blockchains stands to immediately undercut the current crop of enterprise-focused projects. The projects team includes the founder and former CEO of Saxo Bank, a former NASDAQ executive, world-leading cryptographers as well as a current Volvo and IKEA board member as CEO.

Privacy to a Point

By utilizing a unique identity layer on the protocol level, Concordium offers all the features of a public, open blockchain, while ensuring that a users anonymity can be revoked if, and only if, a relevant government authority requests it. On Concordium, it appears as if privacy is assured; anonymity is not. If a user on the Concordium network behaves badly, their privilege of anonymity is revoked by trusted anonymity revokers, and they can be instantly exposed to the wheels of justice in their given jurisdiction.

Here Concordium highlights the failure of the present generation of blockchain technologies to self-regulate to a level at which the world of big enterprise would feel comfortable adopting it. Even now, over ten years on from the creation of Bitcoin, the constant proclamation that the institutions are coming has, as yet, failed to materialize. The reasons why are many-fold, but prominent among them is undoubtedly concerns over legal compliance.

Business on Top, Blockchain on the Bottom

Taking care of the regulatory side of blockchain-based identity has freed Concordium up to focus on other integral p ...

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