Will Other Big Tech Companies Follow Baidu?
China has seemingly changed their tune on blockchain technology a few months ago following a few announcements by the government. This included praises of blockchain tech, removal of cryptocurrency mining from a list of undesirable industries and developing a digital Yuan.
Chinese corporations have seemingly taken note of the attitude change within the government. Often called "Chinese Google", Baidu has a near stranglehold on the internet on the Chinese mainland. Baidu an internet giant, have just announced their blockchain project called Xuperchain.
Baidu's Xuperchain Blockchain
Reports from China have stated that Baidu's Xuperchain will be an open source project. Xuperchain will not develop a currency for its blockchain but instead operate a blockchain as a service (BaaS). It will allow individuals and companies to develop dApps and functionalities on its blockchain.
Baidu's Xuperchain will be rather private with only 7 super nodes which includes Tsinghua University. Likely applications could be supply chain management and logistics.
Baidu's move echoes that of two other tech behemoths. That includes Amazon, which launched Amazon Managed Blockchain & Microsoft which partnered with Ethereum to create the Azure Blockchain.
Facebook's Libra is also worth mentioning although there is a big difference between their approach to Microsoft & Amazon's. Libra intends on being a fully fledged "low volatility" cryptocurrency of sorts for payments. There a a sharp distinction between that and blockchain-as-a-service. It might also be worth noting that Libra might not launch due to regulatory issues.
Seeing the rising interest from the competition, Google could hypothetically launch their own blockchain service in the future.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado