Chinese Newspaper Launches Blockchain Lab
People’s Daily Online, the largest Chinese newspaper has signed a partnership deal with Xunlei Limited to develop blockchain technology. The newspaper will launch a special laboratory for it.
China is eager to ban private companies developing a blockchain technology. The most populated country in the world wanted to ban crypto mining. However, when it comes to companies with the government endorsement, it’s a different story.
Partners in improvement
People’s Daily Online is created by People’s Daily, the official newspaper of the Communist Party of China (CCP). This is the biggest journal in China. The blockchain technology will be developed by People Capital, the investment and venture capital arm of the newspaper.
Xunlei Limited is a Chinese multinational technology company and an online service provider. The organization was founded in 2003. In 2014 Xunlei received an investment of $200 million from Xiaomi, the largest phone corporation in China. The company is often called the “BitTorrent of China” due to developing the download manager, a P2P software that supports HTTP, FTP and BitTorrent protocols. Xunlei has developed the blockchain service ThunderChain Open Platform, which can process over 1 million transactions per second.
The deal for the future
The two companies signed the deal on Oct. 23. Under this agreement, People Capital together with Xunlei will create a laboratory for technology innovation, according to the press release:
“Both entities will work together to explore blockchain as a foundational technology across various business scenarios. Furthermore, a high-level industrial service platform will be built up to organize offline activities.”
What those activities would be? The service platform will organize workshops, industry seminars and application competitions. It will facilitate information sharing, promote innovation, and identify potential blockchain startups.
Lei Chen, the CEO of Xunlei, said that his firm will continue “to focus on the research and development of blockchain underlying technologies”. The company is dedicated to developing ThunderChain as an ecosystem for blockchain startups and developers.
The two companies signed a global partnership agreement on July 22. Creating of the laboratory is another part of this deal.
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