On Tuesday, privacy blockchain Concordium and Geely Holding, the Chinese multinational automotive company that owns brands such as Volvo, announced the establishment of a joint blockchain headquarters in Wuxi, China. The project aims to develop blockchain technologies and improve blockchain standards, mainly in the automotive industry.
Since the joint venture was established last February, Geely Holding has established a subsidiary, Digital Technology Sector, or DTS, to invest in cutting-edge technologies, including blockchain. In addition, the two organizations plan to offer businesses and customers access to new business models based on the blockchain platform and decentralized applications. DTS has already developed blockchain services such as digital asset management platform and blockchain tracking platform and implemented them in Geely automotive products.
Daniel Donghui Li, CEO of Geely Holding, said, “The in-depth cooperation between Geely Holding and the Wuxi Economic Development Area on blockchain technology will help accelerate the development of the Wuxi blockchain industry.” Meanwhile, Lars Seier Christensen, Chairman of the Concordium Foundation, added:
“We will do our best to ensure that our blockchain technology benefits businesses and start-ups across China.”
Concordium is a blockchain that brings together both privacy and accountability through an identity layer. The company says its protocol-level ID ensures that each wallet is associated with a real identity, verified with a third-party ID provider. Meanwhile, it uses zero-knowledge proofs to ensure the anonymity of transactions. The platform’s native payment coin, known as CCD, is used to pay transaction fees, stakes, as a reward for node operators, and as collateral or settlement for its decentralized finance protocols.
