Baidu: Building on Blockchain | EMQQ
search giant Baidu (BIDU) has launched a blockchain operating system to support
the creation and development of decentralized applications – or dApps,
according to AsiaTimes.
What Are dApps?
dApps, or decentralized applications, is a computer application that runs on a
distributed computing system. DApps have been mostly popularized by
distributed ledger technologies such as the Ethereum Blockchain where the dApps
are often referred to as smart contracts.
The Baidu Blockchain Engine (BBE) is essentially an operating system for dApp
development and is part of the company’s cloud computing unit, Baidu
Cloud. BBE is an open source platform to simplify dApp development.
It provides developers with services such as multi-chain and multi-tier
frameworks, smart contract, and dApp templates. It also comes with
enhanced data security and privacy protection and will be compatible with
Baidu’s existing cloud services.
According to AsiaTimes, Blockchain networks need
user traffic to prosper. Baidu’s long-term goal will be to see an
expanding portfolio of independently-created applications running on its
blockchain system that will pull in increasing numbers of users to make their
Easy as ABC
BBE has been built on
the basis of Baidu’s “ABC” technology strategy. The acronym stands for
artificial intelligence, big data and cloud computing, and has the aim of
making third-party dApp development faster and simpler, according to
AsiaTimes. The platform aims to make dApp development as simple as
creating a mobile app.
Baidu is not alone in
launching a Blockchain-As-A-Service platform, according to Coin Journal. China’s Tencent (TCEHY) launched
its own suite of blockchain services in November 2017, according to the
article, which also notes that Alibaba has also spent a lot of effort on
China vs. US
A LinkedIn article
notes that China is likely to lead blockchain innovation in the 2020s. The assessment is based on current
U.S. regulation and the SEC’s “stifling how blockchain startups can fundraise
While the Chinese government has basically prohibited cryptocurrencies, it is
actively engaged in the development of Blockchain technology, according to the
Abacus China Internet Report.
Shanghai, Henan, Guangzhou, Guiyang, and Hangzhou have all issued policies to
encourage blockchain development. Shenzhen established a 500 million yuan
focused on blockchain investment while Hangzhou announced that it planned to
invest 10 billion yuan in a blockchain fund, according to Abacus. The
report noted that the master plan for the Xiongan New Area economic zone, under
direct order from the Chinese central government, highlights the use of
blockchain technologies to create a smart
city. The report also noted that 41% of startups that received funding in
the first quarter of 2017 were blockchain-related.
Baidu is embarking on
a strategy of offering a Blockchain-As-A-Service (BaaS) platform. This
will help the company offer a full suite of internet-related products and
compete with other Chinese online giants.
Find out more about Emerging Markets Internet & Ecommerce UCITS ETF (EMQQ).
of 7th June 2019, the Emerging Markets Internet and Ecommerce UCITS ETF (EMQQ) held 3.65% of its weight in Baidu Inc.
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