Widely regarded as “China’s Google,” internet giant Baidu revealed its newest blockchain product called Xuperchain. The business-focused blockchain system is now entering beta. The company stated on its website that it would allow small business operators to launch their own blockchain applications and help their businesses.
According to Baidu, Xuperchain will be a highly cost-effective service and its price will be very low. It expects the cost to be around 1 yuan for the initial few months. Interestingly, Xuperchain is nothing new. The project was launched long ago and already had 3 million individual users who have used it to process over 450 million transactions. With their latest announcement, Baidu has made the project available to almost anyone in China.
Baidu claims to have partnered with prominent universities and entities in the country for this project, including TGood, aiBank, Tsinghua University, Renmin University of China and the Beijing Internet Court.
Chinese companies rush towards blockchain
Ever since President Xi Jinping praised blockchain technology, several Chinese corporate entities have started experimenting with blockchain technology. The government is especially favorable towards blockchain startups that are emerging by the dozen in the country.
The biggest blockchain project in the country is that of the People’s Bank of China, which is working on a digital yuan. There is another state-owned entity called Bank of China that is using blockchain technology to issue bonds. According to local business news outlet Sina Finance, the bank has already issued bonds with 20 billion yuan (about $2.8 billion) from small and micro enterprises on its blockchain.
TikTok owner ByteDance is also working on a blockchain venture with a govt. owned entity. It recently acquired part ownership of a new company that develops blockchains and AI. The firm invested 10 million yuan in acquiring a 49% stake in the new company. Shanghai Dongfang Newspaper, a state-owned media firm, owns the rest of the new venture.