Volvo’s parent company Geely launches blockchain JV in China

Volvo’s parent company Geely launches blockchain JV in China

Geely Holding, a Chinese multinational automotive company that owns Volvo, and the Concordium Foundation, an ambitious programme run in an open-source way, have recently announced that they have signed a joint venture in Wuxi, China, eyeing blockchain in the automotive & other business sectors.

The main goal for Concordium is to become one of the leading blockchain technology service providers in China. The plans for this initiative were announced a year ago.

Apart from its auto brand, Geely also owns Polestar and Lotus and holds significant shares in Daimler.

Both the organizations have had a close relationship from the early days of Concordium. Lone Fønss Schrøder, the blockchain startup’s CEO, is deputy chairman of Volvo.

Daniel Donghui Li, CEO of Geely Holding Group, said that the deep collaboration between Wuxi Economic Development Region and Geely Holding in the blockchain technologies domain would help boost the development of the blockchain industry in Wuxi.

The resource and policy support of the Wuxi’s Economic Development Region is also beneficial for the speedy expansion of Geely Holding’s Blockchain business and technology.

Although Concordium is a permissionless community blockchain, it has a built-in identity system that will enable regulators to unveil identities potentially. As with most of the public blockchains, it has a connected cryptocurrency.

Since the Chinese authorities like to witness permissioned blockchains, the firm speculated whether a separate version might be used in China. The firm did not receive any response to its query at publication.

As per Concordium, they have already developed several applications with Geely Digital Technology. These include BaaS (blockchain as a Service) platform, blockchain traceability, and digital asset management and some of them have been already applied to Geely’s brands.

Simultaneously, Volvo has been previously involved in blockchain projects, especially for the traceability of properly sourced minerals.

Daimler has a wide range of blockchain initiatives. The most recent collaboration with Boerse Stuttgart discovered using public tokens to fund industrial machinery.

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