Chinese cloud-based technology acceleration company Xunlei Ltd.  (XNET - Get Report)  rose 4.3% in premarket trading Friday, April 20, after it announced it was launching ThunderChain, a new and improved blockchain product that can conduct millions of transactions per second. 

Cloud computing allows ThunderChain to "realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel," the company said. 

ThunderChain relies on a consensus model that results in low latency, allowing the program to generate one block in the chain per second. 

Blockchain technology is the digital ledger that underpins cryptocurrency mining but has wider possible uses. 

The company also announced that it is hosting a Blockchain Applications Global Challenge to foster the development of blockchain applications and "cultivate talents to help overcome complex challenges facing multiple industries, including logistics, healthcare, education and the public sectors."

Winning teams from the challenge will receive cash prizes as well as opportunities to learn from leading blockchain experts and receive opportunities to receive angel investments, the company said.