On Tuesday, the privacy firm Concordium and Geely Holding, the Chinese multinational car company that owns brands such as Volvo, announced a joint blockchain venture based in Wuxi, China. The project aims to develop blockchain technologies and improve blockchain standards, especially in the automotive industry.

Since the joint venture was established in February last year, Geely Holdings has established a subsidiary, Digital Technology Sector, or DTS, to invest in cutting-edge technologies, including blockchain. In addition, the two organizations plan to give companies and customers access to new business models based on the blockchain platform and decentralized applications. DTS has already developed blockchain services as a digital asset management platform and a blockchain tracking platform and applied them to Geely Auto products.

“The in-depth collaboration between Geely Holdings and Wuxi Economic Development Zone on blockchain technology will help accelerate the development of the Wuxi blockchain industry,” said Daniel Donghui Lee, CEO of Geely Holdings. Meanwhile, Lars Seer Christensen, president of Concordium, added:

“We will do everything in our power to ensure that our blockchain technology benefits companies and startups across China.”
Concordium is a blockchain that combines both privacy and accountability through an identity team. The company states that the protocol-level identifier ensures that each wallet is associated with a genuine identity, verified by a third-party identification provider. Meanwhile, it uses anonymity tips to ensure the anonymity of transactions. The platform’s original payment currency, known as CCD, is used to pay transaction fees, allowances, as a reward for contract operators, and as collateral or settlement for decentralized financing protocols.

Source: CoinTelegraph