Geely and a Swiss blockchain developer, the Concordium Foundation, are set to provide their clients with enterprise blockchain solutions, with its main focus being on regtech, digital identity and privacy enhancement technologies. The Concordium Foundation is in a joint venture agreement with the $200 billion Fortune Global 500 Chinese giant, Geely Holding Group, which has the largest chunk of share in Volvo.
The operation is to be co-managed by both the companies, while Geely would own 80% of the joint venture, sparing 20% ownership to Concordium. This venture envisions to provide its clients and Chinese businesses with decentralized applications and new blockchain platform-based business models which could be deployed across a wide range of industries.
Concordium is a permissionless and public layer 1 blockchain having a user identification layer that is secured by zero-knowledge proofs at the protocol level. A differentiating feature of Concordium is the provision of a group of on-chain anonymity revokers, which helps the government to de-anonymize the users if the need arises while providing privacy between users and encrypted transfers.
This feature of Concordium serves as special customization for the companies which have to operate legally in a very highly regulated environment. It creates an equilibrium between compliance and privacy.
The board members of Concordium are flooded with corporations that have a wide range of industry connections, such as Ikea, Volvo, MasterCard, Saxo Bank and others which can initiate early partnerships and projects and further solidify the use of blockchain protocol.
Geely and Concordium’s joint venture is anticipated to be operational this year, pending regulatory approvals. It will focus on encouraging its clients to implement new technologies regarding reg tech, digital identity and privacy enhancement technologies.
This project would also work with Genius & Guru, a fintech-focused company owned by Geely, that has been investing in financial institutions and fintech companies based in Shanghai, Beijing and Copenhagen, Denmark.
The CEO of Geely, Daniel Donghui Li, said in a statement that he feels this blockchain technology by Concordium would help to improve the industry standards in the Chinese market and serve as a stepping stone for various blockchain applications.