People Capital, a corporate venturing subsidiary of digital media company People’s Daily Online, has partnered blockchain and cloud computing technology developer Xunlei to start a China-based innovation lab aimed at blockchain applications.
The lab will be based at People Capital’s Blockchain Research Institute and will look to develop blockchain-powered applications for a wide range of purposes. It will also function as a blockchain hub hosting events such as workshops, seminars and competitions to help facilitate innovation in the industry.
The initiative forms part of a collaboration between Xunlei and People’s Daily Online that was established in July 2018. In addition to a range of other cloud-hosted services, Xunlei markets a blockchain system called ThunderChain that it claims can handle more than 1 million transactions per second.
People’s Daily Online is editorially affiliated to government-sponsored newspaper People’s Daily, but the digital offshoot listed on the Shanghai Stock Exchange in its own right in 2012.