Geely Holding and the Concordium Foundation will jointly finance the establishment of a Geely Holding Blockchain Innovation & Application Center located in Wuxi, China. The purpose of the joint venture is to further develop blockchain technologies and improve blockchain standards in the automotive industry and other industries. The joint venture will use Concordium's Blockchain technology to become a leading Blockchain Technology- and Service Provider in China. Moreover, the joint venture will offer Concordium access to hundreds of developers, innovative new use cases and a variety of tools and applications which can serve the Concordium ecosystem.
Since announcing its intention to establish a joint venture with the Concordium Foundation last February, Geely Holding established a Digital Technology Sector subsidiary ("Geely Digital Technology") to invest in blockchain, big data, data security, among other cutting-edge technologies. Geely Holding is now accelerating the development building a blockchain global headquarters in Wuxi, China.
The joint venture will allow Geely and Concordium to offer businesses and customers access to new blockchain platform-based business models and dApps. As mentioned, the JV marks a new era of collaboration, using Concordium's strong cryptographic security, permissionless blockchain with ID at the protocol level and Geely's technological leadership and implementation power in the Chinese market.
Daniel Donghui Li, CEO of Geely Holding Group said, "The in-depth cooperation between Geely Holding and Wuxi Economic Development District in the field of blockchain technologies will help accelerate the development of the blockchain industry in Wuxi. The policy and resource support of Wuxi Economic Development District is also conducive to the rapid development of Geely Holding's blockchain technology and business."
Lars Seier Christensen, Chairman of Concordium Foundation, speaking on the occasion said: "We will do our utmost to contribute with our advanced blockchain technology backed by some of the most innovative brains from top-ranked universities in the world and developed by top software developers for the benefit of enterprises and start-up companies throughout China."
Working with Concordium, the Geely Digital Technology has developed blockchain as a Service (BaaS) platform, digital asset management platform, blockchain traceability platform among other products and solutions, which have been applied to some of Geely's automotive products and brands. This research and development puts Concordium in line with some of the most cutting-edge technologies and use cases, and with a large number of developers who are building new capabilities on the Concordium blockchain. In the future, Concordium will cooperate more deeply with Geely Holding to focus on accelerating blockchain application in the automotive and other industries by empowering the industrial internet, traceability in supply chains, carbon neutrality, meta-verse, and other fields.