Irish ticketing startup Festy joins forces with South Korean internet conglomerate Kakao to develop blockchain payment methods
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China's most popular website has introduced BaaS, a blockchain platform it says can be used for the safe resale or exchange of electronic tickets
By Jon Chapple on 16 Jan 2018
Chinese search engine giant Baidu has launched BaaS, an open blockchain platform designed for the “safe, efficient and inexpensive” trade of various items, including cryptocurrencies and digital tickets.
Baidu – which has been described as “China’s Google” and is the country’s most-visited website, as well as fourth in the world – says BaaS (Blockchain as a Service) is the most “user-friendly” blockchain service for businesses, and can be also be used to manage bank loans, credit cards, insurance and more.
The company claims the technology has already been successfully used to exchange and securitise assets, according to Russian website CoinSpot.
BaaS isn’t Baidu’s first blockchain-related venture: it has accepted payment in bitcoin for its web services division, Jiasule, since 2013.
Rival Chinese web conglomerate Tencent already has a blockchain platform of its own, while Alibaba – which has been steadily buying into the live entertainment business with the acquisition of ticketing service Damai and the launch of a booking agency and management company – is ploughing money into blockchain technologies for the food and healthcare industries.
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