Geely Holdings and blockchain technology company set up a joint venture
The joint venture company will give full play to Concordium's strong encryption, security, permissionless and built-in digital identity blockchain technology advantages, as well as Geely Holding's technical strength and execution in China, to open a new era of cooperation between the two parties . According to the agreement, Geely Holdings and Concordium will hold 80% and 20% of the joint venture company, respectively, and jointly operate and manage them.
The joint venture company will develop blockchain industry solutions and provide blockchain services (BaaS) through the research and development of the underlying technology of the blockchain, and focus on cutting-edge technologies including digital identity, regulatory technology, and privacy enhancement technology. Technology to assist customers in building blockchain application scenarios and solutions in various industries.
New technology has always been the driving force of industrial transformation and social progress. Geely leads the development of the industry through continuous technological innovation and creates value for users. The establishment of a blockchain joint venture company is also one of Geely's important measures to consolidate its leading edge in technology.
Blockchain technology lays the technical foundation for win-win cooperation and the construction of mutual trust, safe, reliable, and convenient transactions, creating a platform of unique value. Concordium and its Blockchain Research Center located at Aarhus University in Denmark are a global leader in the research of blockchain encryption primitives, and are in a leading position in the research and development of other leading blockchains such as zero-knowledge proofs and peer-to-peer transmissions. There are also leading research results in the field of world-class computer science.
In recent years, my country has attached great importance to the development of blockchain technology, and has continuously introduced relevant policies to support the research and application of blockchain and the development of industrial innovation. At present, the blockchain has been included in the 'new infrastructure' and has become one of the 18 key special projects of the '14th Five-Year' national key research and development plan. At present, the scale of my country's blockchain industry and the number of companies continue to increase, and vertical industry application landing projects continue to emerge. There are related applications of blockchain in many fields such as finance, product traceability, logistics management, manufacturing, real estate, education, and medical care.
The support and encouragement of policies, the wide-ranging demand of the market, and the unique advantages of Geely and Concordium in technology and industry all make both parties look forward to cooperation. The joint venture is the first step in the strategic cooperation between Geely and Concordium. The two parties hope to take this opportunity to actively participate in China’s “new infrastructure”, establish an industry-leading blockchain industry ecology, reduce trust costs for users, and better Blockchain technology is applied in various industrial fields.
The joint venture is expected to officially open in 2021 after approval by the relevant authorities. In the future, the joint venture will also cooperate with Zhongjian Investment under the Geely Holding Group, and the two parties will jointly create commercial application cases and solutions in multiple industries. Zhongjian faces the future financial industry, with the mission of promoting the application of new technologies in the financial business, and is committed to building an open and connected financial ecosystem with financial technology as the core. Zhongjian is headquartered in Beijing, and has a business center in Hangzhou, Zhejiang. The financial companies and financial technology companies that participate in the investment are located in Beijing, Chongqing, Hangzhou, Ningbo, Shanghai, Copenhagen and other places.
Li Donghui, CEO of Geely Holding Group, said: 'The cooperation between Concordium and Geely Holding is of great significance to both parties. Both parties actively explore innovative technologies through synergistic global resources to create maximum value for users. Concordium's world-leading block The basic capabilities of chain technology and underlying applications will establish a new industry standard. The joint venture company will further develop this technology, deepen the application of blockchain technology, explore the leading blockchain industry ecology, reduce the cost of trust, and establish an Internet of value.'
Concordium Foundation Chairman Lars Seier Christensen said: “Concordium is very looking forward to the establishment of a joint venture company. This move will help us use the world’s advanced blockchain technology to empower Chinese customers. With Geely’s top China Enterprise cooperation helps Concordium to gain synergy in technology and promote its own development. In an enterprise, not only the CTO, but all personnel engaged in strategic business, especially the CEO, should actively learn and understand the blockchain. We welcome all together A partner for exploration and learning!'
