The leading web search engine in China, Baidu, has recently launched its own blockchain as a service (BaaS) platform. The platform is based on technology that was developed in-house by Baidu engineers. On this platform, users will benefit from a user-friendly blockchain service.
According to the company’s website, the platform will allow users to conduct and trace transactions with ease. This service can be applied to various uses such as digital currency, managing bank credit, digital billing purposes, for the purposes of financial audits, managing insurance, and many others that are still being explored.
Baidu is Already Using the Technology
According to Baidu, they have already been able to apply the technology to assets securitization and exchange. Baidu farther claims that they were able to create the first asset-backed securities exchange product that is based on the blockchain in China.
With this service launch, Baidu will join the ranks of other tech giants such as Tencent that has already launched its own blockchain service. The Tencent service was launched in April 2017; with the company saying that it would be using its technology to offer things such as authentication, digital asset management, and much more that would develop over time.
According to the VP of Financial Applications and Payment Platform at Tencent, the company developed all the bottom-layer blockchain protocols independently. Besides that, they worked tirelessly to create credible blockchain standards that will be used by the China Institute of Information and Communications. According to the VP, the blockchain industry had reached an era where application scenarios and the technology were easy to merge.
Baidu Has Been a Bit Low in Adopting the Blockchain
While it has been a bit late in launching this service, Baidu was one of the early adopters of crypto coins. By October 2013, it was accepting payments via its platform using Bitcoin. This was for payments made to its Jiasule service, which is used to improve website performance, security, and speed.
According to information found on its website (https://chain.baidu.com/), the platform can be used for pretty much anything related to online financial transactions. Another tech giant that is taking up the challenge is China Alibaba. Jack Ma, the founder of the tech giant, says they are in the process of creating their unique blockchain technology. He says that they already have a team in place, which is studying the technology.
In fact, ant Financial, owned by Alibaba uses blockchain technology in China for its donation platform in Alipay. This has been offered since July 2016. AliHeath, an affiliate of Alibaba has also rolled out a health service with the Changzhou city government for the integration of blockchain technology into the city’s hospital system. This will be used to send and receive data in an encrypted manner.
With all the three tech giants in China actively working to develop unique blockchain platforms, 2018 could be the year of development in blockchain technology. It could signal a shift in the world from the use of crypto coins to more applications based on the blockchain.