With China preparing for the launch of the Yuan digital currency, Baidu one of the largest internet and Artificial Intelligence companies in the world has released its own cryptocurrency. The Beijing based company posted an annual revenue of almost $15 Billion in 2018 and is another excellent example of the way that China is embracing the opportunities of Blockchain at the start of this new decade. ‘Launching close to the impending launch of the digital Yuan is a clear statement of intent by Baidu to the government that they are committed to supporting businesses through their platform,’ comments Paul Moynan co-founder of Dragon. With 2020 shaping up to be the year of Blockchain adoption many businesses are in need of platforms such as this to support and facilitate sustained economic growth.
Going under the name of Xuperchain, Baidu CEO Robin Li ensured that their new digital currency was completely self-developed by Baidu on the Open Network to ensure that it fully complies with Chinese standards. Baidu has reportedly developed 50 blockchain platform patents already with the underlying aim to drive forward modernisation and technical capacity in China through the development of Blockchain technologies.
By being built on open source standards, Xuperchain has a low barrier to adoption, and through complying completely to Chinese standards, Baidu are no doubt seeking to capitalise on the current surge of Blockchain innovation following President Xi Jinping's recent speeches in support of the technology.
With multi-billion dollar companies like Baidu releasing their digital currency, this is sure to give smaller companies the confidence to issue their own tokens in what many believe to be the start of mass adoption of Blockchain. For more on the latest news on China and how they are leading the way in Blockchain, all you need to do is head over to the Dragon Blog today.