Volvo Holding Company Geely Unveils Blockchain Collaboration with Concordium
Geely Holding and the Concordium Foundation have announced the formation of a partnership in Wuxi, China, aimed at blockchain applications in the automobiles as well as other industries. Concordium’s goal is to transform into China’s leading blockchain technology services company. The project’s objectives were initially unveiled about a year back.
Besides its own car brand, Geely also owns Volvo, Polestar, and Lotus, as well as being Daimler’s biggest shareholder. From Concordium’s inception, the two groups have enjoyed a tight partnership. Lone Fnss Schrder, the CEO of the blockchain firm, is also the Vice Chairman of Volvo.
Daniel Donghui Li, CEO of Geely Holding Group, said “Close collaboration in the area of blockchain technology involving Geely Holding and Wuxi Economic Development District will assist expedite the advancement of the blockchain sector in Wuxi. The Wuxi Economic Growth District’s policy and resource assistance is also beneficial to the quick advancement of Geely Holding’s blockchain technology and industry.”
Although Concordium is a permissionless public blockchain network, it has an identification mechanism that allows authorities to possibly uncover individuals. It, like other public blockchain networks, has a crypto token linked with it.
Concordium claims that several apps have indeed been created in collaboration with Geely Digital Technology. Blockchain as a Service (BaaS) platform, digital asset management, and blockchain traceability are just a few examples. A few of them have also been used on Geely’s brands.
Volvo has been interested in blockchain initiatives in the past, mostly for the tracking of ethically obtained minerals. Daimler is working on a number of blockchain projects. Among the most innovative is a partnership with Boerse Stuttgart to investigate the use of public tokens to support industrial machines.