Geely, one of the largest car manufacturers in China, has entered a joint agreement with Concordium to develop blockchain solutions.

Geely Moves Onchain

Geely Holding Group will own 80% of the new venture, leaving the Swiss-based Concordium Foundation with 20%.

The two groups aim to “offer businesses and customers access to new blockchain platform-based business models and user DApps for all industries, including the automotive segment,” according to a press release announcing the news.

The new company will become operational in 2021, working closely with the fintech group and Geely subsidiary Genius & Guru.

Geely CEO Daniel Donghui Li stated that “being able to leverage Concordium’s world-class blockchain technology will set industry standards with its underlying infrastructure for blockchain applications.”

There are many use cases for blockchain in the auto industry, including self-driving cars, ride-hailing, and proof of ownership.

The new partnership is a firm reminder that while the crypto markets are booming, work continues on the underlying blockchain technology in all industries.

Read Also:   What Is a Bitcoin ETF?

The Chinese state has long held an interest in blockchain technology. Beijing officials recently presented a two-year roadmap outlining how to transform the nation’s capital into a blockchain-based city.

Disclosure: The author held Bitcoin at the time of writing. 


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Chinese Car Titan Geely Announces Move Into Blockchain

by Matt Villie
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