Privacy blockchain Concordium has reportedly formed a partnership with Geely Holding – a China-based, high-profile automotive car firm behind brands like Volvo – to set up a joint blockchain venture in Wuxi, China. 

Specifically, the initiative was reportedly built with a goal of accelerating blockchain efforts and enhancing blockchain standards, primarily in the automotive sphere. 

Since the establishment of the joint venture in February this year, Geely Holding has reportedly developed a Digital Technology Sector (DTS)division, to make investments in cutting-edge technologies, including blockchain.

Furthermore, the two companies have plans down their pipeline to help businesses and customers tap into new blockchain platform-based business models and decentralized applications.

DTS has reportedly finalized the creation of its own blockchain offerings, nominally a digital asset management platform and a blockchain traceability platform, and deployed into Geely’s automotive products.

“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”. Daniel Donghui Li, Head of Geely Holding, additionally remarked. 

“We will do our utmost to contribute with our blockchain technology to benefit enterprises and start-up companies throughout China.” Lars Seier Christensen, chairman of the Concordium Foundation, shared his thoughts. 

Concordium reportedly functions as a blockchain looking to complete the integration of both privacy with accountability via its ID layer. The firm claimed that its protocol-level ID makes sure each wallet comes with a real-world identity, with verification done via a third-party ID provider. 

Meanwhile, it leverages zero-knowledge proofs to ensure the anonymity of transactions.