People’s Daily Online, the biggest and most prominent newspaper group of China, announced today that it signed a contract with Xunlei Limited to work together and launch a blockchain laboratory. The piece of news was spread via a press release this Tuesday, October 23.
The project will be managed by People’s Capital, which is the Venture Capital (VC) branch of the official CCP (Communist Party of China) newspaper group. The deal will allow People’s Daily Online to establish a strategic partnership with Xunlei, a company based in Shenzhen. The two entities will build a lab that will focus on technology innovation at the Research Institute of the People’s Capital.
The Goal: Find New Applications for the Blockchain Technology at an Industrial Level
The alliance is part of a broader project by the CCP and, specifically, the People’s Daily Online. It wants to experiment with blockchain technology and find new applications and uses for everyday life at all levels, with an emphasis on what they call “high-level industrial service platform.”
CCP’s idea is to organize competitions, seminars, workshops, in order to promote and identify startups in the blockchain industry and achieve systematic register of all projects within the field. To accomplish that, they have secured the resources and skills of the Xunlei Limited Group.
The press release states that the blockchain lab is just part of an original agreement between the two companies achieved this summer, precisely on July 22nd.
The CCP, not to be left behind in the midst of the crypto fever, published a primer on blockchain technology and its potential applications. The general manager of the newspaper, Ye Zhenzhen, explained that the most prominent aspect of blockchain technology is its operating mechanism and that China wanted to achieve a fair distribution of resources by applying the model.
A Little Bit More About the People’s Daily Online
The biggest and most popular newspaper among a series of government-controlled publications, the People’s Daily Online is the digital version of the People’s Daily, which has been around since 1948.
The People’s Daily Online was, at the moment, the first news page listed on the A-share market, in 2012. The media entity is the most influential instrument and means of propaganda of Chinese authorities.
A Little Bit More about Xunlei Limited
The other primary actor of the alliance announced today by Chinese officials, Xunlei Limited started its business operations as a cloud computing firm before switching its modus operandi to a blockchain infrastructure provider.
Xunlei Limited is known as the “BitTorrent of China” because it implements a P2P sharing system that supports HTTP, FTP, and BitTorrent protocols named the Xunlei download manager. The form also created and popularized a distributed file system called The ThunderChain File System (TCFS) and ThunderChain Open Platform.
About the latter, it is a decentralized file storage system that, according to Xunlei, has the necessary means to process “over 1 million transactions per second and is embedded with strong scalability and stability.”
By: Andrés Chávez