Fortune 500 company Geely creates a joint blockchain company in China


Related articles

Swiss corporate blockchain developer the Concordium Foundation has signed a joint venture agreement with the $ 200 billion Chinese conglomerate Geely Holding Group – Volvo’s largest shareholder and a Fortune Global 500 company.

The joint venture will be 80% owned by Geely and 20% owned by Concordium, but will be operated jointly by the two companies. The company’s aim is to give Chinese companies and customers access to new business models based on the blockchain platform and to decentralized applications (DApps) that can be used across industries.

As previously reported, Concordium is a public and permissionless Layer 1 blockchain with a user identification layer at the protocol level that is protected by knowledge-free evidence. While this supports encrypted transfers and privacy between users, a feature of Concordium is also the provision of a number of on-chain anonymity revokers that a government can use to decanonymize users upon request.

The presence of this function means that the use of Concordium is tailored to companies that have to work legally in strictly regulated environments – a balancing act between data protection and compliance. Speaking to Cointelegraph, Beni Issembert, Concordium’s Chief Marketing Officer, said:

“It is difficult for companies and companies to use technologies without data protection orientation. That’s why we at Concordium have developed open and permissionless technology that can adapt to business needs and allow users to maintain their privacy as long as they are not a bad actor. “

Concordium’s senior executives and board members hail from companies such as Volvo, Ikea, Saxo Bank, Mastercard and others and provide a range of industry connections to promote early projects, partnerships and use cases for the blockchain protocol.

Subject to regulatory approval, the Concordium and Geely joint business is expected to be operational this year and focus on helping enterprise customers implement new technologies related to digital identity enhancement, regtech and privacy technologies.

The joint venture will also work with a fintech company called Genius & Guru, wholly owned by Geely, which has already invested in financial institutions and fintechs in Chinese cities such as Beijing and Shanghai, as well as Copenhagen, Denmark.

In a statement, Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, said he believes that using Concordium’s blockchain technology will help set industry standards in the Chinese market and provide sophisticated infrastructure for various blockchain applications :

“By joining forces in China, we will apply and develop this technology and explore ways to build a leading ecology of the blockchain industry to lower the cost of trust and give companies access to a platform with the tools they need to jointly develop blockchain-based applications. “