Internet Giant Baidu Launches Blockchain Platform

January 15, 2018

Internet Giant Baidu Launches Blockchain Platform

One of the leading participants of the Chinese IT-market Baidu announces the launch of its own blockchain-as-a-service (BaaS) platform.

According to the project website, BaaS successfully passed tests and is already implemented in companies related to asset exchange and securization.

"Based on the core technology, the platform can help make and trace transactions, and is suitable for the use of digital currency, digital bills, bank credit management, insurance management, and financial auditing, etc," said on the website.

While Baidu launches its own blockchain platform only in 2018, its main competitors have already developed and successfully launched similar platforms. Tencent launched its BaaS platform in November 2017 and the undisputed market leader Alibaba has been using blockchain platform for its donation platform Alipay since July 2016.

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