Baidu Joins Hyperledger to Advance Blockchain Technology
Zhang Xuyang, vice-president of Baidu.[Photo credit: chinadaily]
19 October, 2017 Beijing-Baidu, one of the Internet giants in China, has announced joining Hyperledger, an open source project under Linux Foundation. Hyperledger has been joined by over 160 members across the world, including Accenture, Airbus, American Express, Cisco, CME Group, Daimler, IBM, Intel and J.P. Morgan. By tapping the unique features of blockchain like immutability, the project aims to create common distributed ledger technology that enables organizations to build and run robust, industry-specific applications, platforms and hardware systems.
“We’re thrilled to be part of Hyperledger and look forward to collaborating with other members to drive open blockchain solutions forward and to boost setting up of global blockchain standards,” Zhang Xuyang, VP of Baidu, said.
“It’s exciting to see a company like Baidu, which serves the world’s largest internet user population, join Hyperledger,”
said Brian Behlendorf, executive director of Hyperledger.
“Their deep understanding in connecting users to information and services will be tremendous experience for us to leverage as we look to expand our reach further in Asia and drive more global production deployments of Hyperledger technology.”
In May 2017, Baidu Finance issued the first blockchain-based ABS product in China with 424 million yuan worth. The product is jointly released with Baiqian Leasing, Huaneng Trust. The product contains private equity ABS for personal car rental. The adoption of blockchain technology provides operation transparency for the asset, which greatly enhance the efficiency, safety and traceability of the product.
In addition, Baidu is also trying to integrate blockchain technology in the field of unmanned vehicles and other areas. Blockchain is believed to curb data leak and protect copyrights of data and algorithm.