China’s Google Baidu has Launched Blockchain as a Service Platform
January 13, 2018 11:04 am
Reports say that China’s leading websites in terms of traffic, the search engine which is known as Baidu has launched a Blockchain-as-a-Service (BaaS) platform called Baidu Trust. The Baidu Financial says, the BaaS, or at least a pilot version of it, which has been operational since July 21, 2017.
A website for the newly released technology describes:
“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.”
Baidu says the product has already been used for “asset securitization and asset exchange and has contributed to the first asset-backed securities exchange products using blockchain technology in China.”
The firm has seemingly been exploring blockchain technology’s FinTech applications since 2015, and in 2013 it announced that it would be accepting the Bitcoin as the individual means of payment from customers of its security service Jiasule.
In October 2017, Baidu Financial joined the Hyperledger project, which explores a variety of distributed ledger use cases.