Swiss enterprise blockchain developer, the Concordium Foundation, has signed a joint venture agreement with the $200 billion Chinese conglomerate, Geely Holding Group — the largest shareholder in Volvo and a Fortune Global 500 company.
The joint venture will be 80% owned by Geely and 20% owned by Concordium, but operationally co-managed by both companies. The venture aims to provide Chinese businesses and clients with access to new blockchain platform-based business models and decentralized applications, or DApps, which can be deployed across various industries.
As previously reported, Concordium is a public and permissionless layer 1 blockchain with a user-identification layer at the protocol level that is protected by zero-knowledge proofs. While this supports encrypted transfers and privacy between users, a feature of Concordium is also the provision of a set of on-chain anonymity revokers, which can enable a government to deanonymize users upon request.
The existence of this feature means that Concordium’s use is tailored for companies that need to