August 21, 58.com (NYSE: WUBA), the largest classifieds site in China, has announced on its official WeChat public account that the firm is about to launch its 58 BaaS (blockchain as a service) platform.

Founded on May 2011, 58.com’s business mainly consists of its online classifieds and listing platforms that enable local merchants and consumers to connect, share information and conduct business in China.

The Company’s classifieds and listing platforms contain local information for approximately 480 cities across various content categories, including jobs, real estate, used goods, automotive and yellow pages. So it is considered as a online multi-content category-classified advertising platform.

Yao Jinbo, CEO of 58.com post the announcement of 58 BaaS platform on WeChat and indicated that, this platform provides a series of blockchain solutions including application development and real-time monitoring. Which can be used to deal with the trust problem in life service, house renting, job sites and second hand market.

According to the announcement, the 58 BaaS platform is launched by the TEG blockchain lab of 58.com. As a BaaS platform, its business service covers three major components: the application service layer, platform service layer and underlying core platform.

In particular, the application service layer is used for transaction, deposit and reconciliation; the platform service layer covers shared ledger, smart contract, digital asset and assurance service; the underlying core platform enables rights management, consensus mechanism, encryption algorithm functions.

Yao Jinbo believes “trust may build up a better society”. As a blockchain powered platform, 58 BaaS is devoted to promote the technology develop and aiming to help other enterprises and develops to build blockchain application in a rapid speed and lower cost in order to build a more scientific business mode.