Baidu becomes Hyperledger Premier member
Baidu (BIDU), China’s (MCHI) leading Internet search engine company, recently joined a global blockchain group. The company became a Premier member of Hyperledger, a blockchain consortium led by the Linux Foundation. Hyperledger is an open-source global collaboration focused on creating advanced blockchain technologies suited for multiple industries.
Hyperledger brings together leaders in industries such as finance, manufacturing, technology, and the IoT (Internet of Things). As part of Hyperledger, Baidu joins American Express (AXP), IBM (IBM), JPMorgan Chase (JPM), Cisco Systems (CSCO), Daimler, Fujitsu, and Intel (INTC).
Baidu blockchain to improve customer experience
“We believe blockchain technology will allow us to better tailor our search technology to our users’ needs by enhancing the way we optimize local tastes and preferences,” said Baidu vice president Zhang Xuyang.
Hyperledger aims to develop common distributed ledger technology that organizations could use to build and deploy robust applications and hardware systems to support their business transactions. The consortium has attracted more than 160 members since the beginning of 2016.
Blockchain presents a $2.3 billion market
Blockchain is the underlying technology of many digital currencies. It works as a transaction processing and record-keeping system. Blockchain has been cited as having multiple benefits, such as minimizing transaction errors, reducing duplicate records, and facilitating faster settlement. Therefore, many organizations see increased operational efficiency with blockchain deployment. According to MarketsandMarkets, the global blockchain market will be worth more than $2.3 billion by 2021, up from $210.2 million in 2016.