Chinese search giant unveils plans for massive blockchain-based platform
Baidu’s new white paper unveils some ambitious plans…
by Manoj Sharma for CNR
The Asian giant behind a prominent search engine in China, Baidu, has announced the release of the final version of its latest white paper. And it brings with it a lot of information about its latest project, one that brings together a collection of services based on the utilisation of blockchain technologies.
With this move too, the company is betting on researching technologies that have the potential to enhance their business model. Baidu’s vision too is in harmony with the vision of Chinese government, which is adopting blockchain-based solutions, believing they can be instrumental in developing multiple industries. Especially the ones with some sort of relationship with technological services.
Baidu had already announced last month that it would experiment with the development of blockchain technology, but it finally released substantive details at the end of last week.
According to the white paper, the company plans to develop a “xuperchain”, which while enhancing the performance of Baidu will provide services related to commerce, supply chain, tourism, intellectual property, and social networks. In turn, this ‘chain’ will serve as the aggregate for various side chains that will function independently, with different apps.
Baidu argues in the white paper that its framework is much better than a traditional blockchain, since the hardware resources required to guarantee its operation are minimal.
In early 2018, the company launched a Blockchain as a Service (BaaS) solution focused on tracking and processing payments and transactions. According to Baidu, this technology could be used in bank credits, insurance, and billing applications.