Fortune 500 firm Geely to launch joint blockchain venture in China

Fortune 500 firm Geely to launch joint blockchain venture in China


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. 

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The existence of this feature means that Concordium’s use is tailored for companies that need to

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