In Wuxi, China, Volvo’s parent firm launches a blockchain joint venture headquarters

In 2021, Geely Holding sold over 2.2 million automobiles, including 698,693 Volvos.

Concordium, a private blockchain, and Geely Holding, a Chinese multinational automaker that owns brands like Volvo, announced the formation of a joint blockchain business with headquarters in Wuxi, China, on Tuesday. The project’s goal is to promote blockchain standards and create blockchain technology, primarily in the automotive industry.

Geely Holding has launched a Digital Technology Sector, or DTS, subsidiary to invest in cutting-edge technologies, such as blockchain, since forming the joint venture in February. Furthermore, the two firms intend to provide access to innovative blockchain platform-based business models and decentralised applications to enterprises and customers. DTS has already built blockchain services for Geely’s automotive products, including as a digital asset management platform and a blockchain traceability platform.

“The in-depth cooperation between Geely Holding and Wuxi Economic Development District in the field of blockchain technology will help accelerate the development of the blockchain sector in Wuxi,” said Daniel Donghui Li, CEO of Geely Holding. “We will do our utmost to help with our blockchain technology to benefit corporations and start-up companies throughout China,” said Lars Seier Christensen, head of the Concordium Foundation.

Concordium is a blockchain that, through its ID layer, integrates both privacy and accountability. According to the business, its protocol-level ID assures that each wallet is linked to a real-world identity that has been confirmed by a third-party ID provider. Meanwhile, it makes use of zero-knowledge proofs to ensure transaction anonymity. CCD, the platform’s native payment token, is used for transaction fees, staking, node operator rewards, and as collateral or settlement for its decentralised finance protocols.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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