China’s Search Giant Baidu Sets Up A Blockchain Subsidiary
China’s internet search giant Baidu has registered a blockchain subsidiary in south China’s Hainan Province in late August which will focus on developing blockchain technology as well as online games, China’s National Enterprises Credit Information Publicity System shows.
The newly-created company is called Dulian Internet Technology with registered capital of 50 million yuan, and Baidu’s vice president Xiang Hailong is Dulian’s president. The company’s business scope ranges from blockchain R&D, e-sports software development to sports events organization and management.
Baidu jumped on the blockchain bandwagon as early as 2015, and in mid-2017,Baidu Finance launched an open blockchain-as-a-service (BaaS) platform which is used for payment and settlement, digital billing, bank credit management, insurance management ,financial auditing, and more.
In 2018, the Chinese internet behemoth accelerate the development of blockchain-based products and services. In January, Baidu Finance launched a new CryptoKitties-like service known as “Leci Gou”;in April, it unveiled a blockchain-based image rights protection platform called Totem; in June, it released a native blockchain-based knowledge quiz application dubbed Duyuzhou; and in the same month, Baidu announced “ Super Chain”, a new blockchain protocol aimed at reducing mining energy consumption.
Meanwhile,Baidu, China’s version of Google, joins the the government’s latest effort to suppress cryptocurrency trading and initial coin offering (ICO). The company has shut down several popular cryptocurrency-related sub-forums on its Tieba, a Reddit-like forum, the Beijing-based China Times reported in late August.
Three of China’s biggest technology companies—-Baidu, Alibaba, and Tencent (BAT)—-shows affinity to blockchain by speeding up the adoption of blockchain in various industries. For example, Alibaba’s payments affiliate Ant Financial has applied the technology in cross-border remittance service and tackling food security problems. Tencent is utilizing blockchain to help local tax authorities fight tax evasion.