Fortune 500 firm Geely to launch joint blockchain venture in China

Concordium, the Swiss enterprise blockchain developer, has signed a joint venture agreement with the $ 200 billion Chinese conglomerate, Geely Holdings – the largest shareholder in Volvo and the Fortune Global 500.

The joint venture will be 80% owned by Geely and 20% by Concordium, but will be jointly managed by the two companies. The project aims to provide Chinese companies and customers with access to new business models based on the blockchain platform and decentralized applications, or DApps, that can be deployed in various industries.

As mentioned earlier, Concordium is a public and unauthorized Layer 1 blockchain with a protocol-level user identification layer protected by evidence of anonymity. While this supports encrypted transfers and privacy between users, the Concordium feature is also to provide a group of anonymity spoilers on the chain, which can enable the government to identify users on demand.

The presence of this feature means that Concordium use is designed specifically for companies that need to be able to operate legally in highly regulated environments – a balance between privacy and compliance. Speaking to Cointelegraph, Concordium CEO BennyEembert explained:

“The corporate and business world finds it difficult to adopt technologies without a privacy orientation, which is why at Concordium we have developed an open and unauthorized technology that can adapt to the needs of the organization while allowing the user to maintain their privacy as long as they are not a bad actor.”

Concordium CEOs and board members hail from companies that include Volvo, IKEA, Saxo Bank, MasterCard, and more, providing a suite of industry connections that can advance early projects, partnerships, and use cases for the blockchain protocol.

Subject to regulatory approval, joint work between Concordium and Geely is expected to begin this year, and it will focus its energies on helping enterprise clients implement new technologies related to digital identity, privacy-enhancing technologies and privacy-enhancing technologies.

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

In a statement, Daniel Dongwei, CEO of Zhejiang Geely Holding Group, said he believes the use of Concordium’s blockchain technology will help set the industry standard in the Chinese market and provide an advanced infrastructure for various blockchain applications:

“By joining forces in China, we will further implement and develop this technology and explore paths to build a leading blockchain industry environment to reduce the cost of trust and provide companies with access to the platform with the tools they need to develop blockchain-based applications together.”