A new partnership between Geely and Concordium wants to bring dApps and blockchain to China, particularly in the automotive sector.
Geely is Volvo’s largest shareholder, as well as a Fortune Global 500 company for 9 consecutive years, while Concordium is led by CEO Lone Fonss Schroder, Vice President of Volvo and board member of Ikea.
Furthermore, Concordium’s team also includes the founder of Saxobank, the former Prime Minister of Denmark, the former Vice Chairman of NASDAQ, a Mastercard executive, the former COO of Skype, world-class scientists and cryptographers and others.
Concordium uses advanced zero-knowledge encryption to allow its users to transact and share information in a completely private way.
The new joint venture will allow Geely and Concordium to offer companies and customers access to new business models based on dApps and blockchain, for all industries, including of course the automotive sector.
The new company is expected to become operational in 2021, although it will have to wait for some regulatory approvals.
The goal for Geely Holding Group is to become one of the leading providers of blockchain technology and services in China.
Geely will own 80% of the joint venture, while the remaining 20% will be owned by Concordium. The joint venture will be operationally co-managed by both parties.
What does Concordium blockchain do
Concordium, through its Concordium Blockchain Research Center Aarhus, contributes to the development of blockchain technology with its research primarily in the field of zero-knowledge and peer-to-peer testing.
Through this, the joint venture will offer solutions for e.g. digital identity, regulatory technologies and privacy-enhancing technologies. It will also cooperate with Genius & Guru, a wholly-owned subsidiary of Geely, to build use cases and business solutions in various areas.
Genius & Guru is based in Beijing, and has already invested in financial institutions and fintech companies in several major cities in China, such as Beijing and Shanghai, and Copenhagen, Denmark.
Zhejiang CEO of Geely Holding Group, Daniel Donghui Li, said:
“This cooperation between Concordium and Geely is of great significance to both parties. We are actively pursuing transformational technologies by building alliances, and synergizing global resources to create greater value for our end users. Being able to leverage Concordium’s world-class blockchain technology will set industry standards with its underlying infrastructure for blockchain applications. By joining forces in China we will apply and develop this technology further and explore pathways to build a leading blockchain industry ecology to reduce the cost of trust and provide companies with access to a platform with the tools they need to develop blockchain-based applications together and grow in the ‘Internet of Value’”.
The CEO of Concordium, Lone Fønss Schrøder, added:
“Concordium is excited about this Joint Venture which will enable us to empower Chinese clients with one of the leading blockchain technologies of the world, and also gain synergies from one of the leading companies in China within fast-moving technologies, for the future development of Concordium”.