Largest Chinese Newspaper to Launch Blockchain Lab after New Deal with Tech Company
The venture capital wing of the authorized newspaper of the Communist Party of China (CCP) — People’s Daily Online — have engaged a contract for a strategic collaboration on a blockchain laboratory Oct. 23, as per the press release.
People’s Capital signed a deal with Shenzhen-powered technology company Xunlei Limited. As specified by the terms of the agreement, the two companies will build a laboratory for “technology innovation” at the People Capital’s Blockchain Research Institute.
Apart from the researching blockchain application in various use cases, the alliance will also build a “high-level industrial service platform” to curate competitions, seminars, workshops, and promote and classify startups in the blockchain industry.
As per the press release, the blockchain laboratory is part of an initial global partnership agreement engaged by People’s Daily Online and Xunlei Limited on July 22 of this year.
The People’s Daily Online is the online version of the People’s Daily, which was established in 1948. Since the publication’s inception, the People’s Daily has been directly managed by the top leadership of the CCP.
In 2012, the online version promulgated on the Shanghai Stock Exchange, becoming the first news website in the country to be ranked on the A-share market. The publication is widely considered as a mouthpiece for government policies and positions.
Xunlei Limited is a blockchain infrastructure provider and is also entitled as the “BitTorrent of China” for building the Xunlei download manager, peer-to-peer software that assists HTTP, FTP, and BitTorrent protocols.
Initially this year, the CCP issued a primer on blockchain technology and its possible applications. Ye Zhenzhen, general manager of the People’s Daily then mentioned that the most vital part of blockchain technology is its “operating mechanism.” He further added, “Through the ingenious combination of technologies, the fair distribution of resources is completed.”