Swiss enterprise blockchain developer, the Concordium Foundation, has signed a articulation venture understanding with the $200 billion Chinese conglomerate, Geely Holding Group — the largest shareholder in Volvo and a Fortune Global 500 company.

The joint venture volition be 80% owned by Geely and twenty% owned by Concordium, but operationally co-managed past both companies. The venture aims to provide Chinese businesses and clients with admission to new blockchain platform-based business models and decentralized applications, or DApps, which can exist deployed beyond 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-noesis proofs. While this supports encrypted transfers and privacy between users, a characteristic of Concordium is also the provision of a fix of on-concatenation anonymity revokers, which tin enable a government to deanonymize users upon request.

The existence of this feature ways that Concordium'south use is tailored for companies that demand to be able to operate legally in tightly regulated environments — a balancing act between privacy and compliance. Speaking to Cointelegraph, Concordium main marketing officer Beni Issembert explained:

"The enterprise and concern world finds information technology hard to embrace technologies with no privacy orientation, which is why at Concordium we have developed an open and permissionless engineering that can adapt to the enterprise needs while assuasive the user to maintain its privacy equally long equally he's non a bad thespian."

Concordium's leading executives and board members hail from corporations that include Volvo, Ikea, Saxo Bank, Mastercard and others, providing a ready of industry connections that can foster early projects, partnerships and utilise cases for the blockchain protocol.

Discipline to regulatory approval, Concordium and Geely's joint business is expected to be operational this year and will focus its energies on helping enterprise clients to implement new technologies related to digital identity, regtech and privacy enhancement technologies.

The joint venture volition also cooperate with a fintech-focused company called Genius & Guru, wholly owned past Geely, which has already invested in financial institutions and fintechs based in Chinese cities such as Beijing and Shanghai, likewise as in Copenhagen, Kingdom of denmark.

In a statement, Daniel Donghui Li, the CEO of Zhejiang Geely Holding Group, said that he believes using Concordium'due south blockchain technology will help to set industry standards in the Chinese market and provide a sophisticated infrastructure for diverse blockchain applications:

"By joining forces in People's republic of china we will apply and develop this technology further and explore pathways to build a leading blockchain industry ecology to reduce the price of trust and provide companies with access to a platform with the tools they demand to develop blockchain-based applications together."