Chinese search engine Baidu has released its first ever blockchain white paper, and revealed big plans.
The tech giant, which reports quarterly revenues of over $3bn, and is the world’s eighth-largest company, is seeking to capitalise on DLT to solve computer storage problems and take advantage of micropayments on its platform.
The ‘Baidu Blockchain White Paper V1.0’, was issued by the company’s internal Blockchain Lab on Wednesday and announces the development of its SuperChain – or, rather, XuperChain – network. It’s technicians claim that the system could handle more than 10,000 transactions per second.
XuperChain will be open source, say Baidu, allowing developers to use the tech to build or upgrade their own versions. The 48-page white paper also reveals that Baidu will include blockchain technology in large parts of its core businesses, including in solving intellectual property disputes, speeding up supply chain financing and even in online trading.
XuperChain nodes use multi-core parallel calculations to increase network bandwidth and will support parallel sidechains in a stereo network, said Baidu. Consensus could be reached by offering nodes voting rights.
In a tweet Baidu said that XuperChain would integrate with AI and big data and that six upcoming applications using the “independently researched” network would focus on, among others, gaming, finance, infosec and copyright.
Baidu Blockchain Lab released Baidu #Blockchain Whitepaper v1.0 today, introducing the Lab’s independently-researched XuperChain network system. Integrating XuperChain w/ AI+Big Data, we have released 6 applications, incl. #Totem, in the fields of copyright, info security & more! pic.twitter.com/0DGrMUaPqD
— Baidu Inc. (@Baidu_Inc) September 26, 2018
Baidu Blockchain Labs launched earlier in 2018, but has already launched Totem, a blockchain-based stock photography and image rights management project; Huixie, which verifies CVs for job applications; and it uses DLT to track changes to articles on its Wikipedia-style service Baike.
The Labs intend to make these Blockchain-as-a-service applications available to the Chinese government as well as intra-country firms to speed up supply chains. It is understood that Baidu would sell cloud-based services to companies to help them set up their own blockchain networks.
The Baidu Blockchain White Paper is currently not available in English, although there is a simplified Chinese version here.