Concordium and Geely want to jointly develop blockchain solutions for corporate customers in the Chinese market.
The Swiss blockchain company Concordium Foundation has entered into a joint venture with the US $ 200 billion Geely Holding Group.
The Chinese group is the largest shareholder in Volvo and is one of the top 500 largest companies in the world
The joint venture is 80% owned by the Geely Group and 20% by Concordium, but is operated equally by both companies. The aim of the cooperation is to develop new blockchain solutions for the Chinese market on which companies can build and start new business ideas for a wide variety of industries.
As Cointelegraph had previously reported , the Concordium network is an open Layer-1 blockchain that has a user ID that is secured by zero-knowledge proofs . Although the blockchain encrypts data transfers and relies on data protection, the Concordium also contains a built-in feature that can specifically remove anonymity so that government authorities can view certain data if necessary.
The latter is particularly interesting for companies that have to act under strict regulatory requirements. This is intended to create an optimal balance between data protection and legal compliance.
Concordium Marketing Director Beni Issembert explains to Cointelegraph:
“The business world is struggling to use technology with complete data protection, which is why we at Concordium have developed an open blockchain that can be customized to meet the needs of companies, but nonetheless allows users to protect their data if they have no malicious intent to have.”
Concordium’s management and board of directors are made up of former top managers from well-known companies such as Volvo, Ikea, Saxo Bank, Mastercard and others, giving the company connections in many industries. This makes it easier to find projects, partnerships and areas of application for the company’s own blockchain.
Provided that the official approval is given, the joint venture can start this year, whereby first of all corporate customers who want to use blockchain technology in the areas of digital identity, regtech and data protection are to be supported.
The joint venture will also cooperate with the fintech company Genius & Guru, which is wholly owned by Geely. Genius & Guru has already invested in other fintech companies based in Beijing, Shanghai and Copenhagen.
Daniel Donghui Li, CEO of the Geely Holding Group, is confident that the company can use the Concordium blockchain to establish new standards for the Chinese market:
“Through our cooperation in China, we are further developing blockchain technology and bringing it to practical application. We want to build a market-leading blockchain ecosystem to reduce costs for corporate customers and help them create their own blockchain applications. “