China's Blockchain Ambition: Baidu is Accelerating Decentralized Application Development

Chinese internet giant Baidu launched the public beta test for its blockchain project "Xuperchain" on Monday. The platform aims to provide developers and small to medium-sized enterprises with the ability to build decentralized applications.

Xuperchain

According to a report, the platform known as "Open Network" will allow users to develop and deploy decentralized applications without building their own blockchain platform. This is part of Baidu's enterprise blockchain network Xuperchain, aimed at attracting users with lower costs and technological barriers.

This move aligns with the Chinese government's support for blockchain since October last year, as well as its vision to encourage small domestic enterprises to use blockchain.

In May last year, Xuperchain officially open-sourced its independently developed blockchain underlying technology, providing technical support for developers and investigating potential issues that users may encounter.

According to Baidu's official website, the Xuperchain network has nearly 3.5 million users and has processed over 450 million transactions. The network has 7 main nodes, including Tsinghua University and video giant iQIYI, to help verify transactions on the platform.

This new service is not the first instance of Baidu aiding developers in building decentralized applications. In February 2018, Baidu Cloud launched the Baidu Blockchain Engine (BBE) to address storage and computing issues for developers attempting to build applications.

Additionally, the company introduced its Blockchain as a Service (BaaS) platform in January 2018, aimed at providing blockchain infrastructure for applications. In contrast to this new service, the platform required companies and developers to have their own blockchain system first.

Yuxin Technology Receives Strategic Investment from Baidu

In addition to venturing into blockchain technology, Baidu is actively promoting fields such as artificial intelligence, big data, etc. Yuxin Technology announced this morning in a statement about the "Announcement of Share Transfer Agreement among Shareholders" that 5.71% of its total share capital will be transferred to Baidu.

Yuxin Technology's shareholders Yuan Chuang Gene and Guangkong Gene believe that by introducing Baidu as a strategic investor through this agreement, it can effectively optimize the company's share distribution and governance structure. The company has also reached a strategic cooperation framework agreement with Baidu, and both parties will collaborate in fields such as financial cloud, big data, artificial intelligence, blockchain, etc., to promote the upgrade of financial intelligence.

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