In the annals of history that will be made a century from now, the world will consider China to be the most prominent developer in the blockchain industry. Last year marked a massive push into the sector by the country, and Baidu is the first among those to allow for the issuing of a public beta.
Beta Launch of Xuperchain
Baidu has recently announced that it has successfully launched its public beta of its blockchain network. This business service they offer, going by the name of Xuperchain, aims to enable small-to-medium-sized companies to develop their own dApps.
Xuperchain isn’t even close to the only blockchain project, but represents a single entity of hundreds of blockchain projects being developed in China. Several months back, the Chinese President, Xi Jinping, urged his country to embrace blockchain technology and its development in the future. As one would imagine, having one of the leaders of one of the world’s most prominent economic powerhouses greenlight something, does a lot for its development. Money has been pouring into those sectors like a river, with the AI and internet sector gaining the lion’s share of this new technological boom.
Leading A Crowded Charge
Baidu is at the front of the Chinese blockchain development, with its Xuperchain allowing for business to share sensitive data without the deed for trust to be placed within the other party. This will, in turn, allow for smart contracts along with transactions.
Baidu’s plans for the blockchain project was first unveiled back in September of 2018. Of course, its whitepaper praised its own superiority to Bitcoin, even though Bitcoin was never meant to serve the niche Baidu plans on filling. Back in May last year, the network went open-source, with Baidu explaining that Xuperchain’s end goal is to be so simple that no technical knowledge is required to make use of it.
Decentralized No More
Many groups have openly criticized China across the globe for its massive push in blockchain development. Mainly, this is due to the original founder of this technology set imagining a decentralized ideology when they developed it. Now, though, China is capitalizing it for centralized gain. Philosophical doctrines tend to divert sleep from most people, but the ideology behind the tool doesn’t turn the tool into anything more than it is. After all, gunpowder came to be, because someone invented fireworks.
Blockchain technology was discovered, and the financial industry is scrabbling to gain their edge. It’s gotten to the point that refusing to partake in blockchain technology is like agreeing to run a marathon just after you cut off your own legs.