On Tuesday, privacy blockchain Concordium and Geely Holding, a Chinese multinational automaker that owns brands like Volvo, Announced the creation of a blockchain joint venture headquarters in Wuxi, China. The project aims to develop blockchain technologies and improve blockchain standards, primarily in the automotive industry.
Since establishing a joint venture last February, Geely Holding has created a subsidiary of the Digital Technology Sector, or DTS, to invest in cutting-edge technologies, including blockchain. Additionally, the two entities 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 a digital asset management platform and a blockchain traceability platform, and implemented them in Geely's automotive products.
Daniel Donghui Li, CEO of Geely Holding, said, "The in-depth cooperation between Geely Holding and the Wuxi Economic Development District in the field of blockchain technologies will help accelerate the development of the blockchain industry in China. wuxi." Meanwhile, Lars Seier Christensen, President of the Concordium Foundation, added:
"We will do our best to contribute our blockchain technology to benefit businesses and start-ups across China."
Concordium is a blockchain that integrates both privacy and accountability through its identification layer. The company says that its protocol-level identification ensures that each wallet is associated with a real-world identity verified through a third-party identification provider. In the meantime, take advantage zero knowledge proofs to guarantee the anonymity of transactions. The platform's native payment currency, known as CCD, is used to pay transaction fees, staking, as a reward for node operators, and as collateral or settlement for its decentralized financial protocols.
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