Geely Holdings and Concordium Corporation yesterday announced a joint venture between them in the Wuxi region of China, the project aims to use Blockchain technology to develop the automotive and other business sectors.
The partnership aims to build Concordium into a major blockchain technology service provider in China, and plans for the initiative were first announced more than a year ago.
Geely owns many globally known car brands, including Volvo, Politsar and Lotus, in addition to its own brand, as well as being the largest shareholder in Daimler.
Concordium and Geely have had a close relationship since the early days of Concordium. The CEO of blockchain startup Lone Vons Schroeder is the vice chairman of Volvo’s board of directors.
Commenting on the partnership, Daniel Dongwei Li, CEO of Geely Holdings Group, said: “The in-depth cooperation between Geely Holdings and Wuxi Economic Development Zone in the field of blockchain technologies will help accelerate the development of the block chain industry in Wuxi”.
Li added that supporting “the policies and resources of the Wuxi Economic Development Zone also helps the rapid development of Geely Holding Chain’s technology and business.”
Although Concordium is an unlicensed public blockchain, it has a built-in identity system that allows regulators to expose potential identities.
Like most public blockchains, the company has a cryptocurrency attached to it.
The question is whether it is possible to use a separately licensed version in China since the Chinese authorities want to see the blockchain licensed, but the company has not authorized or commented on it.
Concordium believes that in cooperation with Geely Digital Technology, several applications have already been developed. This included the BaaS blockchain platform, digital asset management, and blockchain traceability.
Some of these projects have been applied to Geely brands.
Volvo has previously been involved in Blockchain projects, primarily those focused on tracking ethically sourced minerals.
It is worth noting that Daimler has a wide range of blockchain initiatives. The most recent of these initiatives is a collaboration with Boerse Stuttgart, the second largest in Germany and the ninth largest in Europe, to explore the use of public cryptocurrencies to finance industrial machinery.