Chinese Search Giant Baidu to Launch Rewards on Blockchain Platform

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Baidu stock crashed 16% on Friday after the company hailed as "China's Google" shocked investors with brutal earnings. Here's what else ails the company. | Source: Shutterstock
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Baidu, widely dubbed as the Google of China, is going to launch rewards and announce the blockchain layout of their project “Totem” in an upcoming conference on July 18.

Totem, a blockchain-based platform, was launched by Baidu in April. Totem utilizes blockchain technology to manage the intellectual property rights of images. They aim to enable more efficiency in the ownership of images and preventing infringements, according to its website.

“The copyright information of the work is permanently written into the blockchain. Based on the credibility and incomprehensibility of the blockchain, combined with Baidu’s leading artificial intelligence technology, the dissemination of the work can be traceable, reprintable, monitorable, and change the copyright of traditional pictures.” (loosely translated) the website states.

Using Blockchain, Totem would allow more transparency into image rights and the licensing process. The platform would also take advantage of Baidu’s Artificial Intelligence technology to monitor any copyright violations across the web.

“Totem conducts network infringement monitoring of original works, quickly produces visual data reports, and entrusts lawyers to initiate rights protection online,” a description explains.

Totem rewards would function as an incentivization mechanism on the platform and are currently open for certain functions such as user uploads. However, it could be further expanded for image transactions and similar functions.

Photographers, designers, and other original authors are currently encouraged to submit an online application. Upon identity verification, they can upload their works onto the Totem blockchain.

Several projects have committed to leveraging blockchain technology for intellectual property rights management in the past. Earlier this year Kodak, an American photography based company, announced the launch of a blockchain platform and cryptocurrency called KODAKOne and KODAKCoin respectively. KODAKOne, which works similar to Totem, allows photographers to register their images that they can license on the platform. The initiative stated that they aim to enable photographers to have greater control over their images.

KODAKCoin’s initial coin offering (ICO) was initially scheduled to take place on Jan 31 but has been delayed since. The ICO would be open to accredited investors in the United States, the United Kingdom, and some other countries.

As CCN.com reported earlier, Baidu’s Blockchain Lab has also released a CryptoKitties style game called “Leci Gou”. The game features puppies instead of kittens. Baidu has also released a native blockchain-based knowledge quiz app called “Duyuzhou” last month. They also released a blockchain-based network operating system called super-chain, which is compatible with Bitcoin and Ethereum developer ecosystem.

Featured image from Shutterstock.

Jonas Borchgrevink edited this article for CCN - Capital & Celeb News. If you see a breach of our Code of Ethics or find a factual, spelling, or grammar error, please contact us.

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