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Chinese search engine Baidu has created a blockchain-as-a-service (BaaS) open platform.

Baidu is one of the largest Internet companies and one of the premier artificial intelligence (AI) users in the world. In December 2016, Baidu ranked 4th overall in the Alexa Internet rankings. The company was an early adopter of bitcoin. In 2013, it announced that it would be accepting bitcoin payments for its Jiasule security service. In October 2017, Baidu joined the Hyperledger Project, a Linux Foundation-led project of open source blockchains and related tools started in December 2015.

The new blockchain platform, called Baidu Trust, is a self-developed project based on blockchain technology. It uses the company’s technology to conduct and trace transactions through use cases ranging from cryptocurrency and billing to insurance management financial auditing. The company touts its “openness” and “customizability.” Registrations are open to the public and blockchain nodes are available to customize and deploy.

The BaaS platform has been operational since July 21, 2017. Baidu said that the technology has already been successfully applied for asset securitization and asset exchange. The company claimed that it has contributed to the “first asset-backed securities exchange products using blockchain technology in China.”

The BaaS platform launch is viewed as a move to compete with Chinese Internet conglomerate Tencent, which released its own suite of blockchain services in November 2017. Called “TrustSQL,” it offers digital asset management, authentication, and “shared economies,” among other services.

Source: This article was published blocktribune.com By Maricel Custodio

Categorized in Search Engine

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