Like the Internet several decades earlier, the potential for blockchain is vast. Some experts have pointed out that 90% of blockchain projects are still being carried out in laboratories instead of practical situations. However, as what Xunlei CEO Lei Chen said at a recent public form, developments to the technology are happening at an unprecedented speed and 2018 or 2019 will be the Golden Age for blockchain maturation. For example, since its inception last month, Xunlei’s million-TPS blockchain ThunderChain has seen a number of developers and startups drawn to its open platform for applications across industries.
ThunderChain is based on Xunlei’s proprietary homogeneous multichain framework, which can realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel. With the ThunderChain Open Platform, third-party developers and companies can build, migrate and manage decentralized applications (DApps) with low operating costs, according to Xunlei.
The high performance and scalability of ThunderChain will enable widespread usage in a variety of fields and is already being employed by many developers to pioneer their own applications. The following list offers three transformative examples being developed on ThunderChain in tackling various issues globally.
Intellectual property (IP) crime has always been an epidemic plaguing various industries, including high-tech, entertainment and professional services. In China only, over 11,000 people were arrested last year for patent, copyright or trademark infringements, according to a government whitepaper on Intellectual Property Rights Protection.
The figures may look startling, but companies may be about to gain the upper hand in the battle to protect patents, trademarks and licenses from these thieves. The solution comes in the form of the blockchain technology.
The inherent provenance benefits of blockchain in the IP sphere are reaffirmed by Colin Wu, executive vice chairman of the Board of Directors at US China Business Association (USCN) and Chairman of Hong Kong Intellectual Property Exchange (HKIPX). During the ThunderChain launch event in May, he acknowledged the unique potential of integrating ThunderChain with IP security and intended to leverage blockchain technology to protect IP assets.
In the simplest of terms, ThunderChain allows IP creators and holders to safely store their unregistered works, including digital intellectual property, documents, manuscripts, photographs and images in a secure ledger and timestamp them for later registration and protection. By recording relevant information on blockchain, owners can ensure that their work will not be tampered with or lost, and that they maintain decentralized proof of it before going through the process of registering and exchanging with a third party.
The use of blockchain in non-for-profit sector comes at a time when charities increasingly face skeptics and concerns whether they have proper oversight and governance. While research showed public trust of charities has been steadily rising since 2014, only 28 percent of the Chinese populace found charities trustworthy, according to a research conducted by Peking University Law School in 2016. NGOs are thus urging for the help of technology to bring back trust in the sector.
One Foundation, the first officially recognized private charitable organization in China, has also joined ThunderChain Open Platform. The charity is known for its innovation in managing a non-for-profit organizations – for example, One Foundation was one of the first few charities in China that accepts Bitcoin in the format of donation.
Through ThunderChain Open Platform, One Foundation has published reports and information on disaster relief and prevention. Information on Thunderchain can be tamper-proof and transparent, which is also in line with the charity’s intention to create an open public welfare platform for communities involving donors, receivers and general public.
Today, more than 10 million people have undergone DNA testing, with approximately 1 billion predicted to do so in the next eight years. The enormous amount of genomic data to be generated in the near future poses a serious challenge in terms of storage and security. Not only do consumers have zero control over how this sensitive data is used or who can access it, but most of them have no idea what gene research companies are doing with that data.
HGBC, a gene testing and research project, is planning to use ThunderChain to store critical data more securely while individual users can make the best use of their gene data for medical research. With permission-based smart contracts, access to genomic information could be authorized via the ThunderChain. This means instead of handing your genetic data over to a middleman or a research company — where you cede a large measure of control and ownership —users can program the blockchain to only share data with certain parties.
Ultimately, all genetic services, including genetic testing, interpretation, or drug research and development, will all be developed around individual users. The combination of blockchain technology and gene research will create more efficient and professional service for users.