Geely to develop blockchain industry in Wuxi

Chinese carmaker Geely Holding Group signed an agreement to build its Geely Blockchain Global Headquarters in the Wuxi Economic Development Zone during an online meeting on March 21.

Geely will build the new global headquarters, which has a total investment exceeding 10 billion yuan ($1.57 billion), in an effort to boost research and development of high-end technologies.

Li Donghui, CEO of Geely Holding Group, said the group will cooperate with Wuxi Economic Development Zone in the field of blockchain, integrate independent research, and develop advanced technology in order to promote the application of blockchain in the automotive industry, accelerate the integration of blockchain and the real economy, and provide services for digital transformation in all walks of life.

Geely will also develop a blockchain innovation application center to provide its blockchain global headquarters with low-level core technical support that is high quality, low cost, supervised, and features strong privacy, as well as participate in technological innovation and standardization work.

Jiang Min, deputy mayor of Wuxi, said he expected Geely and Wuxi could work together to carry out independent research and development, focus on the construction of an innovative application center, and combine the technological research and development advantages of Geely Holding Group with the application scenario advantages of Wuxi to make more breakthroughs in scientific and technological innovation.