Baidu recently launched a blockchain-based photo validating and sharing service. They have now added a proprietary token to incentivize users to adopt their software that provides a blockchain intellectual property record.
Blockchain Intellectual Property Services
The photo sharing platform “Totem” is already live and the token “Totem Point” will likely be used in a peer fact checking, editing or identification concept. The platform is the first application to be released on Baidu’s private XuperChain blockchain network. The token will likely integrate with subsequent developments.
The ability of cryptocurrencies to create wholly unique identifiers for wallet addresses, public keys and private keys is being used here to essentially tokenize the originality of photos the same way other platforms are tokenizing things like real estate and minerals and metals.
When users upload their original images through the application, the blockchain’s participating nodes, which could be third party photo stock agents and copyright protection organizations, will validate the originality of the images. If approved, the nodes timestamp the critical information and save it to XuperChain This produces verifiable data that can be used in the event of a copyright dispute later on.
Baidu said it will generate 4 billion Totem tokens with an annual inflation rate of 4.5 percent to encourage individuals and institutions to submit original photographs. The quantity of tokens awarded will depend on the validation process, including the quantity and quality of images submitted by a user.
The company plans to expand the blockchain rights protection system to include other types of digital media asset such as videos and audio by the first quarter of 2019.
Baidu is a Global tech company that has is competing with the biggest companies in the industry. Their internet platform for various apps and services has over 2 billion active users worldwide. Their autonomous driving project “Apollo” is one of the world’s most developed, with a massive partner ecosystems of over 100 global partners as of 2018, including BYD, Dongfeng, Microsoft, Intel, Nvidia, Daimler AG, ZTE, Grab, Ford, Hyundai and Honda.
Baidu is also well know as the 2nd largest search engine in the world, holding 76.05% market share in China’s search engine market. Baidu was the first Chinese company to be included in the NASDAQ-100 index back in December 2007.