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Baidu's Enterprise Blockchain Network Initiates Service for Developers and SMEs to Build Dapps

According to a Chinese media report, the reputed internet giant Baidu launched a blockchain-based service to aid developers as well as small to medium enterprises (SMEs) wanting to set up decentralized applications. The name of this new service roughly translates to ‘Open Network’ and will give access to users to develop and utilize applications without the need to create their own blockchain platforms. This initiative is a part of Baidu’s enterprise blockchain network, Xuperchain, which focuses on attracting smaller users dealing with lower cost and technological limitations.

Initiatives such as this are in accordance with the Chinese government’s adoption of blockchain technology and its usage throughout smaller businesses within the country. As for the costs, the new service could be valued as low as 1 Chinese Yuan (the equivalent of US $0.14) and will be under a quantity-based fee structure until March.

Additionally, the process has been made more understandable to customers by creating smart contracts templates to use and other components which will increase efficiency. It is worth noting that the Xuperchain network has approximately 3.5 million users and over 450 million processed transactions.

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Baidu Trends: Bitcoin Searches Skyrocket Amid Social Distancing and Working From Home Approaches

As the world grapples with the menace of coronavirus (Covid-19), amicable practices have been necessitated as tough times call for tough measures. According to Baidu, a Chinese multinational technology company offering internet-related services, Bitcoin searches have shot up by 183% in the last month. This trend can be linked to the fact that many countries have asked their citizens to adhere to precautionary approaches, such as self-quarantining, social distancing, working from home, necessitated when tackling coronavirus.

Google shows similar tendencies

According to Worldometer, a real-time world statistics provider, the number of reported coronavirus cases has surpassed 345,000, and deaths have clocked nearly 15,000. Therefore, showing the way this infectious disease has wreaked havoc across the globe.

Many people have resulted in working from home so that daily activities do not grid to a near standstill as this pandemic has already caused economic turmoil as depicted by the nosediving of the stocks market. For instance, Dow Futures declined by more than 600 points, and S&P futures devalued by nearly 3.3%.

The data index availed by Baidu shows the skyrocketing of Bitcoin searches because people are interested to know its value if the economic crisis being witnessed deepens. Information also availed depicts the escalation of cryptocurrency searches on mobile devices.

Bitcoin searches on Google illustrated a similar trend as those on Baidu. For instance, worldwide trends reached an all-time high on March 13 in the last 30 days. Moreover, March searches exceed those of February as more stringent measures are being adopted to address coronavirus.

Leveraging on Bitcoin

Having recorded more than 5000 deaths, Italy is considered to be one of the hardest-hit nations by the coronavirus. Nevertheless, Banca Sella, an Italian Bank, recently decided to offer Bitcoin trading services to its 1.2 million mobile banking customers with the absence of a crypto exchange as an intermediary.

Banca Sella, therefore, seeks to offer its Italian customers with Bitcoin investment options despite the prevailing pandemic. The Baidu and Google searches show the growing interest in Bitcoin amid a worldwide economic meltdown and the coronavirus epidemic.

Tencent, Huawei, and Baidu Executives to Join China’s New National Blockchain Committee to Set Industrial Standards

The Chinese central government has put together a national blockchain committee to work on setting industrial standards. The Ministry of Industry and Information Technology (MIIT) issued a notice on April 13 of the “Public Notice on the Formation of a National Blockchain and Distributed Ledger Technology Standardization Technical Committee.”

The committee would be made up of 71 individuals from different backgrounds, including political, industrial, academic, and research organizations. The committee will be chaired by MIIT deputy minister Chen Zhaoxiong, along with five vice-chairs, all of whom are government staff, including Di Gang, the vice-head of the Chinese central bank digital currency institute.

Other committee members include executives from well-known Chinese institutions, including Baidu, Tencent, Huawei, Peking University, Tsinghua University, Fudan University, amongst others. The ministry is also asking for public feedback on the committee members until the deadline of May 12, 2020.

China’s take on blockchain

Chinese President Xi Jinping announced in October 2019 that its nation should accelerate the development of blockchain technology. He highlighted that the application of blockchain technology has extended to digital finance, the internet of things, supply chain, and digital asset trading, amongst other areas. The president stressed that it is necessary to strengthen fundamental research of blockchain technology to enhance original innovation ability, for the nation to take a leading position in the blockchain industry.

China has also been researching the application of blockchain and artificial intelligence in cross-border financing, as the deputy head of the State Administration of Foreign Exchange in China announced that there are plans to use these technologies shortly after Facebook announced its plans for its Libra stablecoin.

Huawei taking on the blockchain road

The Nanshan government of Shenzhen, in the southern Guangdong province in China, has recently announced an agreement with electronics giant Huawei Technologies to establish an information technology center, accelerating the application of technologies including blockchain, artificial intelligence in the district.

With joint efforts between the Nanshan government and Huawei will explore FinTech solutions and development to speed up the application of disruptive technologies. Financial applications, including banks, insurance, securities, and third-party payments, will also be explored based on Huawei’s Kunpeng structure.

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Baidu's Stock Tumbles Amid Military Testing Rumors of AI Chatbot Ernie

Baidu, a prominent Chinese technology firm, experienced a significant decrease in its stock value following reports of its AI chatbot, Ernie Bot, being tested by a laboratory affiliated with the Chinese military. This situation has raised concerns among investors about potential geopolitical ramifications and the complexities that Chinese AI companies face in balancing innovation with political challenges.

On January 15, 2024, Baidu’s Hong Kong-listed stocks witnessed their largest drop since 2022, falling by 11.5%. The decline was triggered by a South China Morning Post report that the People’s Liberation Army’s Strategic Support Force, which oversees cyberwarfare, had tested Baidu’s AI chatbot for military purposes. The report detailed that the researchers fed Ernie Bot prompts to generate military plans, marking the first public confirmation of the Chinese military using commercial large language models.

Baidu immediately denied any direct involvement with the military, emphasizing that the academic paper highlighted the use of its publicly available APIs, the same as any other user would have access to. The company has not engaged in any tailored services or business collaborations with the authors of the paper or related institutions. This statement was issued to reassure investors and distance the company from the military link allegations.

Despite Baidu’s swift response, the stock market reacted sharply. Investors are apprehensive that any association with the Chinese military could lead Baidu to face U.S. sanctions, similar to the situation with Huawei. The U.S. has been particularly vigilant about military applications of AI and has imposed restrictions on AI-linked chips to Chinese entities, affecting companies like Nvidia, which is a key player in AI development.

Baidu’s AI chatbot Ernie Bot, a counterpart to OpenAI’s ChatGPT, was launched in August 2023 and had amassed over 100 million users by late 2023. This incident underscores the strategic importance of AI in global technology and the political intricacies involved. Baidu, along with other Chinese tech giants like Alibaba and Tencent, is at the forefront of the AI race in China. However, these companies now face the challenge of navigating geopolitical sensitivities and regulatory constraints, especially with the U.S. banning the sale of key AI-linked chips to Chinese entities.

The incident raises several critical questions about the future of AI development in China and the global market. How will Baidu and other Chinese AI firms manage the delicate balance between technological innovation and geopolitical complexities? Will this event have a lasting impact on Baidu’s aspirations to dominate the AI sector in China and globally? As the situation unfolds, these questions remain central to understanding the evolving landscape of AI and its intersection with international politics and market dynamics.