The official newspaper of the Communist Party of China’s (CCP) venture capital subsidiary, People’s Daily Online has inked a progressive partnership deal with Shenzhen based tech firm Xunlei to actualize the blockchain laboratory initiative it has embarked upon. This was expressed exhaustively in a press statement released on October 23.

The Partnership Deal

The detail of the partnership has no room left for uncertainty or undue speculation due to the clear-cut arrangement directed solely at the construction of a lab at the People Capital’s Blockchain Research Institute for “technology innovation.”

The press statement further stated that this initiative is in pursuance of the fulfillment of an initial global partnership agreement signed by People’s Daily Online and Xunlei Limited on July 22, 2018.

Also, the companies in the partnership are supposed to have more brainchildren aside the development of the laboratory. The partners would build a “high-level industrial service platform” to organize seminars, competitions, workshops, and promote and identify startups and their prospects in the blockchain sector.

Pedigree of the Companies in Partnership

Six years ago, the online version of the People’s Daily launched a successful IPO and was listed on Shanghai Stock Exchange earning the mark of “first news website in China to be listed on A-share market.” No doubt the media outlet is highly revered as it maintains a position as a mouthpiece for government policies.

The general manager of the People’s Daily in person of Ye Zhenzhen sometimes earlier this year stated that the most crucial aspect of blockchain tech lies in its “operating mechanism.” He then added that;

“Through the ingenious combination of technologies, the fair distribution of resources is completed.”

On the other hand of partnership, Xunlei Limited has been known for developing a peer-to-peer software that supports HTTP, FTP, and BitTorrent protocols. The software is known as Xunlei download manager. Another nomenclature the startup goes by is “BitTorrent of China.”