People Capital, the investment and venture capital arm of People's Daily Online, today signed a strategic partnership agreement with Xunlei Limited (Nasdaq: XNET) to promote blockchain innovation and empower the real economy with blockchain applications.

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Mr. Zhao Yahui, General Manager of People Capital and Mr. Lei Chen, Xunlei and Onething Technologies CEO, jointly announced the establishment of the blockchain foundational technology innovation laboratory (Photo: Business Wire)

Under the partnership, People Capital and Xunlei will establish a technology innovation laboratory as part of People Capital’s Blockchain Research Institute. 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, such as workshops, industry seminars and application competitions, in order to facilitate information sharing, promote innovation and identify potential start-up companies in the blockchain sector.

People's Daily Online is a large-scale information exchange platform with news at its core, constructed by China’s largest newspaper People’s Daily. In 2012, People's Daily Online went public on the Shanghai Stock Exchange, becoming China's first news website listed on the A-share market.

According to People’s Daily Online, the Blockchain Research Institute serves as a research platform on blockchain technology. Leveraging respective strengths, People Capital and Xunlei will work closely in boosting blockchain innovation, adoption and promotion. Mr. Chen also delivered a keynote speech during the ceremony and addressed that Xunlei will continue to focus on the research and development of blockchain underlying technologies and is dedicated to developing ThunderChain as a mainnet and ecosystem for blockchain startups and developers.

The establishment of blockchain laboratory is part of the global partnership agreement between People's Daily Online and Xunlei signed on July 22. The partnership was revealed at the China-US Entrepreneur and Investment Summit, hosted by People's Daily Online in Silicon Valley.

Xunlei is one of leading blockchain infrastructure and service providers globally. Onething Technologies, Xunlei’s cloud computing and blockchain subsidary, has developed the underlying blockchain services ThunderChain Open Platform, which can process over 1 million transactions per second and is embedded with strong scalability and stability, as well as Thunder Chain File System (TCFS), which is a decentralized file storage and transmission system for blockchain applications.

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