On Tuesday, March 22, blockchain platform Concordium and Geely, a multinational car manufacturing company that owns brands such as Volvo, announced the establishment of a Blockchain joint venture with its headquarters in China. This project aims to develop blockchain technology and improve blockchain standards, primarily in the automotive industry.
Since the establishment of the joint venture in February 2022, Geely has established the Digital Technology Division (DTS), a subsidiary to invest in modern technology, including blockchain. Furthermore, these two companies plan to provide businesses and customers with access to a new business model based on blockchain and decentralized applications. DTS has developed Blockchain services, as a digital asset management platform and a traceability Blockchain platform, and is deployed on Geely's automotive products.
Daniel Donghui Li, CEO of Geely, stated, "The deep collaboration between Geely and the Wuxi Economic Development Zone in the field of Blockchain technology will help accelerate the development of the Blockchain industry in Wuxi." Lars Seier Christensen, president of Concordium, said: "We will do our best to contribute to our blockchain technology to helping businesses and startups across China."
Concordium is a Blockchain platform that integrates both privacy and accountability through an ID verification system. The company says its ID verification mechanism ensures that every wallet is linked to a real identity confirmed through a third party providing the ID. Meanwhile, they take advantage of the Zero-Knowledge Proof (ZKP) protocol to ensure the anonymity of transactions. The payment currency of the platform, known as CCD, is used to pay transaction fees, deposits, as a common part for those who exploit Nodes and as collateral or pay for their decentralized financial protocols.
