Chinese Tech Juggernaut Baidu Joins the Blockchain Trend
Chinese firm Baidu is getting into the blockchain game through the launch of a new digital puppy adoption platform known as "Leci Gou" which is a wordplay between the English words "Let's Go" and the Chinese word for “dog.”
The new platform allows Baidu users to adopt one "crypto-dog" for which they are rewarded with 1,000 free points which can be used when buying other dogs or when breeding the pets that they already have. The application of blockchain technology in the app allows the company to record and easily keep track of transactions and adoptions.
The concept brought about by the "Leci Gou" platform is however not new to the market. In fact, it is quite similar to the Cryptokitties adoption service which was highly popularized in 2017. Cryptokitties is also based on blockchain technology, the Ethereum blockchain to be precise. Numerous other services have also adopted blockchain technology to improve their services.
It does not look like Baidu might be aiming to make a profit from the newly launched digital puppy adoption platform. In fact, it might turn out to be the Chinese company’s plan to demonstrate the blockchain-as-a-service (BaaS) platform which it launched in January. At the time, Baidu also revealed that it had also developed the first securities exchange backed by assets that also happens to be backed by blockchain technology. The company also revealed that Baidu Trust can apply the digital ledger technology to facilitate the transfer of digital currencies, audits, insurance management, credit management and other financial services.
Baidu’s new move means it has joined the ranks of many companies that are adopting blockchain technology to enhance their services and also future-proof their business. Baidu believes that the adoption of blockchain will help it to enhance its fintech division which is still growing. The fintech unit offers financial services such as loans, online banking, and management products. Adding blockchain will also allow the fintech division to compete more effectively with its rival JD.com which is also a fintech unit backed by Alibaba. JD.com uses blockchain to track its supply chain, enhance logistics and manage food safety issues.
Baidu’s adoption of blockchain might also be the company move towards making sure that it competes more effectively with other rivals that are also adopting blockchain technology. The adoption of blockchain also highlights its growing popularity of blockchain technology in the business world.