Forbes

Baidu BEIJING

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China’s fourth-largest tech firm has 20,000 developers building (mostly) financial applicatio­ns on its open-source blockchain. Last year they generated $47 million in revenue, a drop in the bucket for the $15.5 billion (sales) firm, but the future looks bright. In September Baidu won its largest contract to date, a

$25 million deal with the government of Tongxiang, a city southwest of Shanghai, to build software to track the supply chain for the roughly $5 billion worth of synthetic fibers used to make clothes in the textile center. Efficienci­es from moving its workflow to a shared ledger have already cut lending costs by 50 basis points. Baidu estimates that the blockchain has helped reduce the supply chain’s energy consumptio­n by 17% and could remove 15,000 tons of carbon dioxide from the environmen­t each year.

XuperChain BLOCKCHAIN PLATFORM:

KEY LEADER: Xiao Wei, chief manager of Baidu Blockchain

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