Based on technology developed by Baidu, the open platform sets out to provide the most “user-friendly” blockchain service.
According to the firm’s dedicated website, “Baidu Trust” allows the conducting and tracing of transactions, and can be applied in various use cases, including digital currency, digital billing, bank credit management, insurance management financial auditing, and more.
Baidu says the technology has already been applied in asset securitization 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 Chinese internet conglomerate Tencent in launching its own suite of blockchain services. Tencent announced in April 2017, the company said it would use the technology – coincidentally called “TrustSQL” – to offer 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. Notably, it announced in October 2013 that it was accepting payment in bitcoin for its Jiasule service, which improves websites’ performance, speed and security.