Blockchain-as-a-Service

This BaaS platform launch is seen as a move to combat its Chinese rival Tencent, which already rolled out its own BaaS service a few months ago. “We independently developed a complete set of bottom-layer blockchain protocols and actively participated in the formulation of credible blockchain guidelines for China Institute of Information and Communications,” said Guo Rui, Tencent’s Vice President of Payment Platform and Financial Applications, in a forum in Chengdu in late2017. Guo also stressed that the blockchain industry has entered an era where technology and application scenarios are effectively integrated. In addition to Baidu and Tencent, Chinese tech giant Alibaba is also in the process of developing its own blockchain technology.