Blockchain Will Be the Foundation of China’s Digital Economy: Baidu Exec

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A senior executive from tech giant Baidu has highlighted the importance of blockchain technology to China’s efforts to create a digital economy.

Baidu Corporate Vice President Hou Zhenyu (侯震宇) said that the blockchain will become the base-level technology for supporting China’s digital economy in future, because of its ability to increase the reliability of data and expedite its sharing.

Hou made the remarks at a press conference on 25 March for the launch of the Baidu Super Chain New Product and Ecosystem Cooperative Plan (百度超级链新品及生态合作计划).

“The blockchain has been a hot spot technology for several years, and Baidu began to focus on it and engage in its in-depth exploration at an early stage,” said Hou.

Hou said that during this process Baidu had implemented benchmark cases in over 20 areas including finance and product tracking, and that its independently produced technology had been provided to developers around the world.

This included the development of an electronic prescription circulation platform by Chongqing municipality making using of the Baidu Super Chain.

In 2019 the Chinese government revealed that it was putting the finishing touches on its digital economy framework, while in 2018 China’s digital economy grew 20.9% to reach 31.3 trillion yuan in total, and account for 34.85 of national GDP.

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