Chinese search engine Baidu has launched the public beta version of its blockchain called Xuperchain. The Xuperchain will allow businesses to create decentralized apps (DApps). Smart contracts can be written on the blockchain that will allow businesses to market their DApps and earn revenue.
Businesses can tailor their DApps as per their requirements using tools provided by Xuperchain. Thus, individual businesses will not have to create blockchain architecture to integrate blockchain with their systems.
Baidu first announced Xuperchain in September 2018 in a whitepaper & Xuperchain went open source in May 2019. Baidu’s ultimate goal is to simplify Xuperchain to such an extent that businesses do not need experts to use it; it will be understood and executed easily.
Investments have poured into various projects across different sectors in China, particularly after President Xi Jinping’s announcement in October that China must lead the world in blockchain development. Almost 500 blockchain projects were registered in October itself. Among these are blockchain projects by firms like Tencent, Alibaba, and JD.
China traditionally is very concerned about technology being used to encourage resentment against it. So, it is hard to believe that it will give a free pass to blockchain initiatives.
In 2019, China’s internet regulator made it mandatory for all blockchain-based information services to collect real names of users along with their national ID or telephone numbers. Such measures have raised concerns about the anonymity and privacy of blockchain transactions in China.
Moreover, China seems to have adopted a policy of no to cryptocurrency but yes to the blockchain technology. This will prevent Chinese consumers from enjoying the benefits of faster, cheaper transactions associated with cryptocurrency and can hamper the growth of blockchain businesses.