People Capital And Xunlei Limited Have Teamed Up To Form Blockchain Innovation Laboratory

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People Capital & Xunlei Ltd. To Form Blockchain Innovation Laboratory

People Capital and Xunlei Limited have teamed up to form the Blockchain Innovation Laboratory. People Capital is People’s Daily Online’s investment and venture capital arm whereas Xunlei is a technology company based in Shenzhen. According to the terms, these two companies will build a laboratory for conducting technology innovation at the Blockchain Research Institute of People Capital.

The partnership aims to promote innovation in blockchain and empower the global economy with the multiple application of blockchain technology.

Blockchain Innovation Laboratory to promote startups in the industry

As per the reports, the Blockchain Innovation Laboratory will research on blockchain application in various use cases. The partnership will also form a high-level industrial service platform for organizing seminars, competitions, and workshops and to promote and identify blockchain industry startups. Both the People’s Daily Online and Xunlei Limited signed an initial global agreement on July 22, 2018. Development of the blockchain laboratory is a part of this agreement.

Incidentally, the topmost Communist Party Of China (CCP) controls the People’s Daily Online which is the internet channel of the People’s Daily. Established in 1984, the online version of People’s Daily went public on the Shanghai Stock Exchange and is the first Chinese news website to find a place in the A-share market. The Chinese news site stated that the Blockchain Research Institute will operate as a research platform for blockchain technology.

Also known as the “BitTorrent of China,” Xunlei Limited is a provider of blockchain infrastructure that develops Xunlei download manager. It is peer-to-peer software supporting BitTorrent, FTP, and HTTP protocols.

Xunlei and People’s Daily Online to bring together their respective strengths

Both the companies will bring together their respective strengths and work closely to boost the innovation, adoption, and promotion of blockchain technology. CEO of Xunlei and OneThing Technologies, Lei Chen delivered a keynote speech at the ceremony discussing the importance of building a blockchain innovation laboratory. He stated that Xunlei will focus on the research and development of blockchain and related technologies and will give its full attention towards developing ThunderChain.

It is an ecosystem and mainnet for blockchain developers and startups.

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