Volvo and Blockchain Concordium Establish Blockchain Joint Venture in China

Car manufacturing giant, Geely Holding, have collaborated with privacy blockchain company, Concordium Foundation to build a joint blockchain venture in Wuxi, China. The venture will help develop blockchain technologies and improve blockchain standards in the automotive industry as well as other industries.

On March 22, Geely Holding, a global automotive group which consists of several well-known international brands including Volvo, announced a joint venture with Concordium Foundation to develop blockchain business models and applications for the automotive and other business sectors. 

📣 @ConcordiumNet partners with @GeelyGroup to establish Blockchain Joint Venture headquarters in China! 🔥

This joint venture will develop and improve #blockchain standards in the automotive industry 🚙, using the #Concordium blockchain.

Read more: https://t.co/Gjd1fjNO37 pic.twitter.com/QlhWDzfJyn

— Concordium (@ConcordiumNet) March 22, 2022

Blockchain Venture To Improve Automotive Industry

According to the official blog post, the joint venture will use Concordium’s Blockchain technology to become a leading Blockchain Technology and a service provider in China. Additionally, the joint venture will offer Concordium access to hundreds of developers, innovative new use cases and a variety of tools and applications which can serve the Concordium ecosystem.

The blog post stated that this move marks a new era of collaboration, using Concordium’s strong cryptographic security, permissionless blockchain with ID at the protocol level and Geely’s technological leadership and implementation power in the Chinese market. Also, the collaboration will allow Geely and Concordium to offer businesses and customers access to new blockchain platform-based business models and dApps. 

Daniel Donghui Li, CEO of Geely Holding, said that the aim is to build an ecosystem “to reduce the cost of trust and provide companies with access to a platform with the tools they need to develop blockchain-based applications together”. He remarked,

“The in-depth cooperation between Geely Holding and Wuxi Economic Development District in the field of blockchain technologies will help accelerate the development of the blockchain industry in Wuxi. The policy and resource support of Wuxi Economic Development District is also conducive to the rapid development of Geely Holding’s blockchain technology and business.”

A Brief Primer On Concordium

For the uninitiated, Concordium is a blockchain integrating both privacy with accountability through its ID layer. The company says that its protocol-level ID ensures that every wallet is associated with a real-world identity verified through a third-party ID provider. Lars Seier Christensen, Chairman of Concordium Foundation commented,

“We will do our utmost to contribute with our blockchain technology to benefit enterprises and start-up companies throughout China.”

Last month, Concordium launched its native token called the CCD Token for trading on Bitfinex and BitGlobal, two leading crypto exchanges. The Swiss Financial Market Supervisory Authority classified CCD as a payment token and can be used as a means of payment on applications using the Concordium technology as well as paying transaction fees to the validator nodes that process transactions and secure the network.