Baidu, the Chinese web search giant, has announced the launch of its very own blockchain-as-a-service (BaaS) platform.
The open platform is founded on technology that was developed by Baidu.
It is designed to offer most “user-friendly” blockchain service.
The company’s dedicated website says “Baidu Trust” allows the conducting and tracing of transactions.
It asserts that it can be utilized in various use cases, including digital currency, digital billing, bank credit management, insurance management financial auditing, and more.
It boasts of flexibility and says, “According to the actual business scenario of the enterprise, the properties, modules and mechanisms of each project in the block chain can be customized and flexibly configured.”
Safety is also being touted by Baidu Trust, saying: “Including the use of asymmetric encryption, signature, certificate authentication, audit nuclear, access control, isolation, consensus mechanisms, including technical solutions, to guarantee data security, reliable communications.”
Baidu Trust also claims of high performance. The website states:
“Support for high concurrency, low latency real-time block writing and query; also supports multi-copy replication, multi-instance deployment, and through the consistency of the algorithm to ensure data consistency.”
The firm says the technology has already been applied in asset security and exchange, and claims it has contributed to the “first asset-backed securities exchange products using blockchain technology in China.”
With the move, Baidu follows in the footsteps of Chinese internet conglomerate Tencent.
Tencent recently launched its own suite of blockchain services.
Announced in April 2017, the company remarked it would use the technology – coincidentally called “TrustSQL” – to provide digital asset management, authentication and “shared economies”, among other services.
While maybe a little behind on launching its BaaS platform, Baidu was an extremely early adopter of bitcoin.
Of note was that it announced in October 2013 that it was receiving payment in bitcoin for its Jiasule service, which bolsters websites’ performance, speed and security.
