Unlike Google, which is still making decisions regarding its launch of its own cryptocurrency, its competitor search engine on the other half of the planet in China has already made considerable strides with the technology behind cryptocurrency.
Baidu has recently announced that they will be rewarding their customers via ‘Totem’. Totem is a blockchain-based platform that helps its users look after and handle their intellectual rights and images. Supported by the company’s AI technology, Totem will be able to check the web for any copyright violations. In addition, the technology speeds up the licensing process and improves its efficiency while establishing credibility and transparency with blockchain technology.
Totem Reward System
How does the totem reward system function? Artists who upload their content to the blockchain platform will be rewarded. Utilising an online application process, Totem will verify artists such as photographers as well as their content before posting them on the blockchain platform. The content will include the artists’ signatures. At present, Totem only rewards users for uploading their content.
However, it has promised that it will reward users for any image or intellectual transactions in the near future. If you think this concept sounds familiar, that would be because it’s similar to KODAKOne platform, which was recently launched. Like Totem, KODAKOne is a management system that looks after and handles image copyrights.
On the other hand, the system has a more defined reward system. Users on KODAKOne are able to profit from sales of their images to potential buyers using the platform’s in-house currency, KodakCoin. Yet, Totem could still become more popular because it is supported by Baidu, which has significant investments in blockchain technology and possesses advanced technology unlike KODAKOne which is supported by Kodak.
Google’s Cryptocurrency Rumours
At the start of 2018, rumours have intensified that Google is going to launch its own cryptocurrency. However, Google banned ads related to cryptocurrency a few months ago which led to several experts deeming the rumour false.
Nevertheless, Google’s business model comprises YouTube and Google shopping currently. As such, Google’s adaptation of blockchain and use of cryptocurrency could drastically change how it functions and conducts financial transactions.
Advancements in technology and adaptation by its rival companies, like Baidu, as well as growing interests in blockchain technology and cryptocurrency on the global scale could stimulate Google into looking into how it can incorporate cryptocurrency into its organisation.
Another rumour churned out of the rumour mill is that Facebook is also considering about adopting cryptocurrency. This rumour started when Facebook had begun to lift its prohibitions on cryptocurrency ads. Furthermore, some management shifts have taken place in Facebook that have led the former head of Facebook Messenger to be re-posted to become the new head of an exploratory blockchain group under Facebook. Its CEO, Mark Zuckerberg, has also been reported to be keen in devising his own cryptocurrency and has effectively set up an exploratory blockchain group which will be reporting directly to Facebook’s CTO, Mike Schroepfer.
Facebook’s interest in blockchain technology could result in it overcoming one of its greatest challenges; privacy. In recent times, Facebook has been faced with allegations of sharing its users’ personal data with third parties as well as data leaks within the company. By employing blockchain technology, such privacy issues can be a thing of the past for the company.