Dealing in cryptocurrency standards, Baidu has launched a blockchain-as-a-service (BaaS) platform. Also, BaaS will address digital bills, bank credit administration, insurance administration, and financial analysis. This newly launched BaaS platform is said to provide competition to the Chinese adversary Tencent, which has its own BaaS service.
Baidu will deploy blockchain technology in order to handle asset securitization and asset exchange thereby contributing to the first asset-backed securities exchange products. The organization has also been working on blockchain innovations in the field of unmanned vehicles, artificial intelligence (AI), Internet of Things (IoT), and distributed computing. Way back in 2013 Baidu reported that it would entertain bitcoin as the sole method of payment from clients for driving its security platform ‘Jiasule’. And in 2015, the firm initiated investigations based upon the blockchain innovation FinTech applications. Apart from Baidu and Tencent, Alibaba is also building up its particular blockchain innovation and has a dedicated team driving the blockchain technology.
Today, the enterprises have been looking at blockchain technology as a pathway to digitally track the ownership of assets across trust boundaries and create different type of models for cross-organisational collaboration. With the recent Baidu’s BaaS platform launched, the three leading tech firms in China have entered the global blockchain race.