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Baidu Unveils Its New Blockchain-as-a-Service Platform

In the world of technology, blockchain and artificial intelligence will play an increasingly important role moving forward. Although the skeptics will claim that neither technology is mature enough to be used on a large scale, Baidu thinks otherwise. The company has come up with a blockchain-as-a-service platform that will rival other companies providing similar services. This new platform is known as Baidu Trust, and it will certainly attract a lot of attention.

Baidu’s Blockchain-as-a-service Platform

Most people are all too aware of how Baidu has shown a keen interest in blockchain technology. Having one of China’s largest companies looking into this technology is widely considered to be a major vote of confidence. However, there were always people doubting whether or not Baidu would ever do something with this technology in terms of a commercial product. That wait is now finally over, as the company unveiled Baidu Trust to the masses last week.

Baidu Trust is a blockchain-as-a-service platform. Baidu is not the first major company to have offered such solutions. Microsoft hosts many blockchain-as-a-service solutions through its Azure platform. Unlike those projects, however, this new service is built from the ground up. All of the technology has been developed internally, which seems to hint at this being more of a private ledger than anything else. Even so, the Baidu Trust project could still be very successful in its own right.

The company describes this platform as an efficient and low-cost traceability and trading platform. Not only is it ideal for digital currencies of all kinds, but it will also play a role in terms of payments and settlement. Baidu Trust can also be used for digital ticketing, bank credit management, exchange-traded securities, and other activities. It is evident the Chinese giant hopes to tap into as many different markets as possible, although it will take a lot of time to do so successfully.

Moreover, Baidu has shared how its new blockchain-as-a-service product has been applied to asset securitization and asset exchange. As a result, the company is responsible for building China’s first asset-backed securities exchange products using blockchain technology. Given the country’s rather negative stance on digital currencies, it is remarkable how China still has high hopes for blockchain technology and distributed ledgers. Whether or not we will see new currencies issued on this BaaS platform remains to be determined.

It will be intriguing to see how companies and developers approach Baidu Trust, considering that it focuses on a wide range of use cases. It is evident the blockchain can be used to transform many aspects of daily life, even though not every task requires a distributed ledger either. Baidu says it aims to implement blockchain technologies in various other industries including artificial intelligence, unmanned vehicles, and distributed computing.

It is also important to note that this blockchain-as-a-service platform has been operational since late July of 2017. At that time, the project entered private beta testing. After nearly six months of collecting data, the platform has now been unveiled and opened to the public. So far, no major projects have been announced for this platform, but things tend to move rather quickly in the world of blockchain technology. Moreover, it is now up to Baidu’s competitors to come up with their own BaaS platforms in the near future.

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Typing Errors in Ethereum Transaction Addresses Caused Losses of Over 12,600 Ether

There is nothing worse than losing funds stored in your crypto wallet. It is pretty obvious that this situation has been a big problem for most users at some point in their lives. A new study shows that over 12,000 ether has been lost due to typing errors that sent money to non-existent addresses. Losing Ether due to Typos There are a lot of things that can go wrong when completing cryptocurrency transactions. For instance, one could enter a completely wrong address due to copying it incorrectly, a QR code could give an error when trying to send money, or one could simply type an address incorrectly. In the latter case, one’s money will be lost forever, as the transaction is often broadcast to an address that doesn’t even exist. Recovering such a transfer is pretty much impossible these days. Research by Alethio Analytics paints a very worrisome outlook in this regard. More specifically, the company claims a lot of ether has been lost due to sending money to nonexistent addresses. It is evident a lot of users have sent money to wrong addresses over the years, and it is possible that up to 12,622 ether has been lost because of typing errors. This is not a figure most people will feel comfortable with whatsoever. Although the exact amount of money lost is subject to interpretation, Alethio Analytics can make some sort of assumption in this regard. After thoroughly analyzing Ethereum’s external and contract accounts, it’s clear there have been quite a few wrong transactions up to network block 5 million. Although it is difficult to determine which addresses are perfectly fine and which are not, the team used an interesting technique to do so. Since no similar-looking Ethereum addresses can exist, they looked at Ethereum addresses which are almost identical. Assuming such addresses exist, the funds stored in one of two addresses were probably sent erroneously. It is not a foolproof technique by any means, but it is certainly one way to go about things. So far, the company’s research seems to indicate that over 2,600 erroneous addresses have been used as part of Ethereum transactions over the years. This means just over 12,622 ether are potentially lost forever, although this number is not exact. Considering that the value of ether has risen over the years, it is safe to say this money adds up to a nice chunk of change. Who this money belongs to exactly remains to be determined at this stage. The bigger question is whether or not more of these typos will occur in the future. Since there is no foolproof way to send cryptocurrency transactions in this day and age, we can only hope people become a lot more careful when it comes to moving funds. Otherwise, this may only be the tip of the iceberg in terms of money lost forever due to human error.

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