Baidu, the Chinese Google, Launched a Blockchain Service Platform

· 14 Jan 2018 in Crypto News, Home

Baidu, the search engine that works in a similar way as Google, has launched a Blockchain-as-a-service (BaaS) platform. Baidu is one of the most important Chinese websites by traffic due to the fact that google and many other websites are forbidden in the Asian country. The information was announced by a specialized local magazine on January the 12th.

Baidu Trust

Many enterprises and companies are starting to use blockchain technology in order to offer better services or products. It is clear that Blockchain is going to make possible many different things that before were not available. The technology behind cryptocurrencies is now being used by Baidu, the Chinese search engine. According to Baidu Financial, the BaaS platform has been operational since July the 21st, 2017.

A specialized website in technological topics describes Baidu Trust as a self developed project that could be used for:

“Efficient and low cost traceability and trading, ideal for digital currency, payment and settlement, digital ticketing, bank credit management, equity proof and exchange-traded securities, insurance management, financial auditing and more.”

With this new implementation, the platform will be suitable to a wide range of use cases. Furthermore, Baidu explains that the product “has contributed to the first asset-backed securities exchange products using blockchain technology in China.”

Baidu and Blockchain Technolgoy

This firm has been investing in blockchain technology since 2015. Besides that, it announced that it would accept Bitcoin a means of payment for some of its services.

But Baidu is working with blockchain technology for many different use cases, not just the BaaS. In October 2017, Baidu Financial has joined a project known as the Hyperledger project, which aims to analyse a variety of blockchain solutions for enterprises and governments.

In addition to it, Baiud has been working with unmanned vehicles, artificial intelligence, Internet of Things (IoT), and distributed computing. By promoting customization, Baidu’s platform will be used in many different ways, allowing it to adapt to the latest market requests and users’ needs.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.