Link copied There seems to be a growing trend to set up blockchain-focused subsidiaries and divisions among Asian firms. In a recent survey by PwC, executives said that they believe China will overtake the United States in blockchain development within three to five years.
Chinese search engine Baidu has established a subsidiary focused on blockchain technology in Beijing this week, China Money Network reported.
The subsidiary, Dulian Internet Technology (Hainan) Ltd., will be led by Baidu’s Vice President Xiang Hailong, who will take the helm as the new company’s President. Baidu’s subsidiary Beijing Dinglu Zhongyuan Technology has reportedly invested RMB50 million (US$7.3 million) to establish the new subsidiary.
Dulian will focus on blockchain research and development, technology transfer, and application, among others. Its business will span game development, sports, social media, ticketing platform, IoT and apartment leasing.
Earlier this year, Baidu introduced a blockchain-based digital image property rights management platform, “Pic-Chain.”
In April, Japanese chat giant LINE’s mobile platform subsidiary LINE Plus officially announced the launch of a blockchain subsidiary ‘Unblock.’ According to a Reuters report dated August 31, LINE said that it will launch a cryptocurrency – LINK – in September, which will be given to users as rewards and could be traded with other cryptocurrencies, BITBOX, its recently launched cryptocurrency exchange.
South Korean internet giant Kakao has also established a blockchain subsidiary “Ground X”, which recently entered into a partnership with Israeli blockchain startup Orbs.
Philippines-based technology firm Xurpas has also set up a blockchain technology venture ODX in Singapore. ODX aims to tap blockchain potential to provide free internet access to emerging market mobile consumers, PhilStar reported. The wholly owned subsidiary plans to sell up to $100 million worth of utility tokens.
