Baidu sets up a blockchain subsidiary Dulian in Hainan

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Chinese search engine giant Baidu registered a blockchain company Wednesday in China’s Hainan province. The company is mainly set to develop blockchain technology and online games.

The company is named Dulian Internet Technology, according to China’s National Enterprise Credit Information Publicity System, and Xiang Hailong, Baidu’s vice president, is Dulian’s legal representative.

Baidu first started exploring blockchain in 2015. In mid-2017, Baidu launched an open blockchain platform BaaS under its finance operations. The platform is used for credit services, securitization, and trading assets. According to Baidu’s official reports, BaaS had confirmed the authenticity of assets worth more than RMB 50 billion by January 2018. Baidu also launched a blockchain based digital dog Laici dog(莱茨狗), similar to CryptoKitties.

China has been cracking down on cryptocurrency, banning cryptocurrency trading platforms that provide service to Chinese residents even if their servers are overseas. Tencent also shut down blockchain related WeChat accounts which published information regarding trading cryptocurrency.

However, compared with the restrictive attitude towards cryptocurrency, Chinese authorities welcome the development and application of blockchain technology. The Ministry of Industry and Information Technology of China issued the country’s first blockchain white paper in May, acknowledging the new tech’s innovation and the possible positive influence on China’s economy.