Swiss enterprise blockchain developer, the Concordium Foundation, has signed a joint venture agreement with the $200 billion Chinese conglomerate, Geely Holding Group — the largest shareholder in Volvo and a Fortune Global 500 company.
The joint venture will be 80% owned by Geely and 20% owned by Concordium, but operationally co-managed by both companies. The venture aims to provide Chinese businesses and clients with access to new blockchain platform-based business models and decentralized applications, or DApps, which can be deployed across various industries.
As previously reported, Concordium is a public and permissionless layer 1 blockchain with a user-identification layer at the protocol level that is protected by zero-knowledge proofs. While this supports encrypted transfers and privacy between users, a feature of Concordium is also the provision of a set of on-chain anonymity revokers, which can enable a government to deanonymize users upon request.
The existence of this feature means that Concordium’s use is tailored for companies that need to
The post Fortune 500 firm Geely to launch joint blockchain venture in China appeared first on Daily Truth Report • DailyTruthReport.com.
This content is courtesy of, and owned and copyrighted by, https://dailytruthreport.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.