People Daily, the official newspaper of the Chinese Communist Party (CCP), has announced a strategic partnership between Xunlei Limited and People’s Capital, the investment and venture capital arm of People’s Daily Online.
With this partnership, the two companies will establish a blockchain laboratory for “technology innovation” at the People Capital’s Blockchain Research Institute. The blockchain laboratory will serve as the means for research and innovation of blockchain technology and how blockchain technology can work at the foundation for various businesses.
In addition to the research and innovation of blockchain technology across various business scenarios, the entities involved in this strategic partnership will also build a “high-level industrial service platform.”
This service platform is being built to more easily facilitate the sharing of information, promote blockchain innovation, and to identify promising companies in the blockchain industry.
According to People’s Daily Online, the service platform will organize workshops, industry seminars, and competitions to achieve their goals.
How Important is this Partnership?
To get a sense of just how important and significant this partnership is, you must first understand the impact these companies have on the Chinese economy and world at large.
People’s Daily Online
People’s Daily Online is the highly popular online version of the largest newspaper publication in China, People’s Daily.
The news publication was established in 1948 and is directly controlled and influenced by the leading authorities of the Communist Party of China (CCP). Therefore, the publication is regarded by many as a mouthpiece for government ideology and policies.
People’s Daily Online went public in 2012 on the Shanghai Stock Exchange, making it the first Chinese news website to be listed on the A-share market.
Shenzhen-based technology company Xunlei Limited is one of the leading blockchain infrastructure and services providers worldwide. The company started out as a cloud computing company and has since taken the technology sector by storm with the implementation and development of blockchain technology.
Xunlei is now dubbed the “BitTorrent of China” and known for various successes in the blockchain industry.
For instance, they created a distributed file system called “ThunderChain File System” (TCFS) and the “ThunderChain Open Platform” which can process over 1 million transactions per second.
As the People’s Daily is the largest newspaper publication in China and is also largely influenced and controlled by the Chinese Communist Party, a strategic partnership with Xunlei Limited, a reputable blockchain company, is something to get excited about.
Not too long ago, in October 2017, the Chinese government banned crptocurrencies and showed no signs of support.
Now, no more than a year later, the largest news publication which is greatly influenced by the government is establishing a blockchain laboratory with one of the leading blockchain infrastructure and services providers in the world.
In light of this new announcement, the future implementation and development of blockchain technology looks to be very bright in China.