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Volvo’s parent company sets up joint blockchain venture

China privacy blockchain Concordium and Geely Holding, a Chinese multinational automotive car company that owns brands like Volvo, have announced the establishment of a joint blockchain venture with headquarters in Wuxi, China. 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 created and deployed blockchain services for Geely, including 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. Meanwhile, the Concordium Foundation’s chairman, Lars Seier Christensen, added, “With our blockchain technology, we will do everything we can to help firms and start-up companies all around China.”

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 coin, is used for transaction fees, staking, node operator rewards, and as collateral or settlement for the platform’s decentralised financial protocols.