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Chinese Communist Party’s News Outlet To Create Blockchain Lab

11:19 24/10/2018

People's Daily Online, a venture company, owned by the newspaper of the Chinese Communist Party (CCP), has entered into a strategic partnership deal with a startup to establish a blockchain lab, according to an official press announcement.


People’s Capital contracted with Xunlei Limited, a technology firm based in Shenzhen. Under the contract, both organizations intend to create the lab for the development of innovative technologies at the People Capital’s Blockchain Research Institute.


In addition to studying different blockchain uses, the partner companies are planning to create a top-level industrial platform for conducting seminars, contests, conferences, as well as promoting startups in the distributed ledger area.


The creation of the blockchain lab is considered part of a large cooperation agreement between People's Daily Online and Xunlei Limited, which was concluded in July 2018.


People's Daily Online is an online version of the CCP's official mouthpiece, the People's Daily newspaper, which was established in 1948. In 2012, the online version received a quote on the Shanghai Stock Exchange and became the first news site to place its shares on the Chinese market. Xunlei Limited is known as a supplier of blockchain infrastructure, as well as a developer of the BitTorrent network protocol in China.


In recent months, the Chinese authorities, party bodies, and government organizations have become increasingly focused on blockchain technology. In August, a guide on distributed ledger technology was published for civil servants, the Central Bank of China began testing the blockchain platform, and the courts began to consider blockchain data when making decisions.


As previously reported, the Chinese authorities published a draft of the rules pertaining to blockchain startups.

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