Geely Holding and Concordium announced they have signed a blockchain joint venture and established their headquarters in Wuxi, China. The companies said on Tuesday, March 22, that their aim for the deal is to develop blockchain technologies as well as improve its standards, especially in the auto industry.

Geely is a Chinese carmaker headquartered in Hangzhou, Zhejiang, and it owns the Volvo, Polestar, Lotus, and Proton auto brands. It has teamed up with Concordium, a privacy blockchain firm, for the said digital ledger project. As per CoinTelegraph, since launching the joint venture last month, Geely has already set up a Digital Technology Sector or DTS, a unit to invest in advanced technologies such as the blockchain.

With their blockchain joint venture, Geely Holding and Concordium are also planning to offer access to their new blockchain platform-based models as well as decentralized applications to customers and businesses. It was added that the DTS has already established some blockchain services, including a digital asset management platform and a blockchain traceability platform.

These services are said to have already been integrated into Geely's automotive products. At any rate, the joint venture was described as a new era of collaboration as it combines Concordium's strong crypto and blockchain security and Geely's leadership and power in the Chinese market.

"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," Geely Holding Group's chief executive officer, Daniel Donghui Li, said in a press release. "The policy and resource support of Wuxi Economic Development District is also conducive to the rapid development of Geely Holding's blockchain technology and business."

In any case, as Geely Holding and the Concordium Foundation formalized their partnership through the public announcement, they are now prepared to offer blockchain services for car companies and other business industries. The companies leading goal is to become a major blockchain tech service provider in the Chinese land.

Lars Seier Christensen, Concordium Foundation's chairman, said that along with Geely, they "will do their utmost to contribute with our advanced blockchain technology backed by some of the most innovative brains from top-ranked universities in the world and developed by top software developers for the benefit of enterprises and start-up companies throughout China."