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Summary form only given. In this paper, Wyner-Ziv (WZ) video coding is a particular case of distributed video coding (DVC). Although some works, with improved performance, have been made in recent years, the coding efficiency of state-of-the-art WZ codec is still far from that of the state-of-the-art prediction-based codec, especially for high and complex motion contents. Moreover, most reported WZ codecs have a high time delay in decoder, which hinders its practical application in real-time systems. The performance of the SI creation process based on adjacent previously decoded frames is limited by the quality of the past and the future reference frames as well as the distance and motion behavior between them. In this work, by combining coding tools developed in recent literatures on transform domain WZ coding with some newly developed modules on both encoding and decoding sides, an efficient and practical WZ video coding architecture, dubbed as Distributed video coding with PArallelized design for Concurrent computing (DISPAC), is proposed to better the rate-distortion (RD) performance. Another unique feature of DISPAC, lies in the parallelizability of the modules used by its WZ decoder which increased the decoding speed largely. Experimental results conducted on a concurrent computing environment (consisting of multi-core CPU and GPU processors) reveal that DISPAC codec can gain up to 2.8 dB in the RD measures and 14.35 times faster in the decoding speed as compared with the-state-of-art WZ video codec, respectively. By shifting the computational complexity from the encoder to the decoder and integrating with appropriate trascoding techniques, DVC has been expected to provide a video codec solution for Cloud computing mobile devices (such as mobile phones).