Xunlei, the world-renowned technology company, and Thunderchain blockchain creators have signed a partnership with the Hong Kong University of Science and Technology (HKUST) department to open a blockchain laboratory, it was revealed this week.
Called “the Joint Lab”, the venture was put into writing in a signing ceremony on Monday with Prof. Tim CHENG, Dean of Engineering of HKUST, and Ms. LAI Xin, the Chief Engineer of ThunderChain at Xunlei in attendance.
What will the “Joint Lab” do?
The laboratory will be set up to continue the expansion of the technology in the regions of Guangdong, Hong Kong and Macau, as well as for various industries who may want to utilize blockchain in the future.
An HKUST press release elaborated further on the key research set to be undertaken. The main areas being, consensus algorithm, cryptography and data protection, which will all be supported by Xunlei’s infrastructure of ThunderChain and Thunder Chain File System (TCFS).
A key area that will also be looked into is the development of, “an encryption program that is applied to blockchain technology. ” This will look to make efficient and practical solutions for third parties to use data without also accessing personal details, in a move that will make the technology more secure.
Alongside these main topics, the research group will explore the usage of blockchain in “wider sectors”, those being, cloud computing, new retail, supply chain, healthcare and philanthropy.
Speaking on the partnership, Mr. Chen Lei, Chief Executive Officer of Xunlei and Onething Technologies said:
“We are very excited to partner with world-leading institutions like HKUST to explore use cases of blockchain and translate these insights into impactful applications, together contributing to technological and economic development. We also hope young generation will join us in this endeavor to make blockchain technology widely used and working for a better future.”
Major tech and crypto companies pushing blockchain research
This is not the first blockchain project that has paired with a major tech organization similar to Xunlei. Ripple, Ethereum and Huobi have all seen research funds and partnerships with major universities in the past. Clearly, the Universities involved are pleased to be working with cutting edge minds in the field and making a positive impact through new technology that is relatively unresearched at this point.
HKUST Dean of Engineering Prof. Tim Cheng alluded to this idea of mutual progression, saying:
“Not only can this facilitate academic exchange and industry collaboration, it will bring more learning opportunities for our students to equip with the advanced blockchain technologies and knowledge, contributing to the development of future technology talent.”
Companies like Xunlei, Alibaba/Alipay and others are clearly leading the way in transforming the technological and bureaucratic elements of Chinese society, with the government seemingly well behind the push. Blockchain and its usage in the People’s Republic is growing rapidly and with partnerships like this, it can only get bigger in the future.