You have heard of SaaS (software as a service), now get ready for BaaS (blockchain as a service). This may become an often used acronym if the industry grows and progresses further.
Named as the Baidu Trust Blockchain, the platform is said to have already gone through real-time testing and successful deployment. It was utilized for asset security and asset exchange services. It is said to have contributed to the first asset-backed securities exchange in the country.
Now being offered for deployment through its website, the platform aims to enhance the security and efficiency of operations for multiple organizations. The company also stated that the platform is very flexible to have its functioning properties and mechanisms be easily customized according to the each business’ individual needs.
It is described by the company that the platform can help perform and track transactions. The platform supports digital currencies, digital invoices, insurance management, credit management and financial auditing among many other customizable functions.
Baidu aims to help as many businesses as possible by the deployment of this platform to help advance the technological innovation in the country. However, it is not the first corporation in China to have introduced a B2B service pertaining to blockchain.
Tencent beat Baidu to the race
Tencent, the Chinese business and tech giant, earlier launched a blockchain platform in the country by the name of TrustSQL.
TrustSQL is also aimed at businesses, corporations, and institutions, and Tencent hopes that it will help bring the blockchain technology to mainstream. Now that Baidu has joined the race, it will be interesting to see how their target market responds and compares each of these platforms regarding usability and accessibility.
Another name from China that might be joining this unique list of companies with blockchain platforms is Alibaba, the name synonymous with goods trading and online shopping from China.
Alibaba has reportedly started looking into the implementation of blockchain technology with the help of a specialized team. Further developments from Alibaba could be expected within the next couple of months.
Blockchain and China
While China and the cryptocurrency industry are going through a rough patch, it seemingly has not stopped the country or its institutions from letting the blockchain technology flourish within the territory. It is certainly no surprise, blockchain’s usage goes farther than cryptocurrencies, and it can be utilized efficiently in several different aspects of the world.
This approach towards blockchain has helped not just organizations within the country in advancing the technology but has helped initiate cross-border blockchain platforms such as the Blockchain Food Safety Alliance (that has Walmart and JD.com backing it).
It would not be a surprise to see more developments on the blockchain front from China in the future.