Baidu, Chinese Internet Titan and China’s answer to America’s Google, just can’t keep its hand of the blockchain. In the recent of the announcements by the company, it is in process of launching a rewards program on their upcoming blockchain platform called “Totem.”
Baidu’s blockchain expands the scope
Totem was launched by Baidu in April 2018 with an aim of dealing with intellectual property rights of pictures and images through blockchain technology. The system was to confront the issue of the illegal misuse of images found online and to prevent IP violations.
The website explains the purpose and method in which Totem will secure the copyrights of images online, translating in English to:
“The copyright information of the work is permanently written into the blockchain. Based on the credibility and incomprehensibility of the blockchain, combined with Baidu’s leading artificial intelligence technology, the dissemination of the work can be traceable, reprinted, monitored, and change the copyright of traditional pictures. Totem conducts network infringement monitoring of original works, quickly produces visual data reports, and entrusts lawyers to initiate rights protection online.”
The concept of Totem was quite similar to the blockchain platform developed by Kodak, called KODAKOne. Totem’s platform would now also act as a rewards program for a user that utilize certain functions such as uploads and image transactions. Also, authors of copyrighted work, including photographers and graphic designers, can now upload their works to Totem after being verified and have their works intellectual property immediately protected.
Also, read: Amazon and Cryptos: Will they Come Together?
Chinese companies upbeat on Blockchain China’s crackdown on crypto.
Totem is not Baidu’s first instance of having a venture or product on the blockchain. The company, in its previous attempts, had released a “CryptoKitties” styled game that featured puppies instead of kittens which was used blockchain. They had also introduced an operating system called super-chain, which is based on the blockchain. Baidu Baike, the Chinese equivalent to Wikipedia which also is an offering of Baidu, is now using blockchain technology to record entries’ revision histories in a move aimed to bring transparency and traceability to the online service.
China’s crackdown on crypto hasn’t been able to prohibit its tech giants from flirting with blockchain. China’s big three internet giants, Baidu, Tencent, and Alibaba, are battling for supremacy in almost every front of the country’s tech space.
In April this year, the Xiong’An Global Blockchain Innovation Fund was launched with $1.6 billion (10 billion yuan) to fund into promising Chinese blockchain startups.
With Baidu’s endeavors into the blockchain, it is sure the Chinese industry is continuously progressing with blockchain despite the crypto ban from the Chinese Government.
With all its major companies contemplating blockchain, will the stance of Chinese government change towards cryptos as well? Do let us know your view on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.