Home News Blockchain China’s Government Owned Media Company to Set up Blockchain Laboratory

China’s Government Owned Media Company to Set up Blockchain Laboratory

October 25, 2018 16:57
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Credit: Business Wire
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China’s largest government-owned internet media company, People’s Daily Online is all set to launch a blockchain technology innovation laboratory. To do this, the venture capital arm of the portal, People Capital signed a strategic partnership with Xunlei Limited to promote blockchain innovation.

Announcing the partnership in a press release, the companies, People Capital and Xunlei, will set up a laboratory which will be known as People Capital’s Blockchain Research Institute. The press release said, “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.”

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Commenting on the development Lei Chen, who is the Chief Executive Officer (CEO) of Xunlei and Onething Technologies said, “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.”

This is one of the latest developments being observed in China in the recent months. Last month, the Supreme People’s Court which is the Supreme Court in China said blockchain technology could be used to resolve disputes.

In what was hailed as a landmark judgement, the court had said, “The parties and other participants in the litigation shall electronically process the litigation materials such as the identification certificate, the copy of the business license, the power of attorney, the legal representative’s identity certificate, and the evidence materials such as documentary evidence, appraisal opinions, and transcripts by means of technical means. Submitted, after being approved by the Internet Court, is deemed to meet the original form requirements. If the other party objects to the authenticity of the above materials and has reasonable grounds, the Internet court shall require the parties to provide the original.”

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