Google To Have Its Own Blockchain Technology

Google, who was recently in the news to ban cryptocurrency ads, is reportedly planning to build its own blockchain technology based ledger system, as reported by Bloomberg. Google is initiating the blockchain technology business to support its cloud business, which will prevent any kind of competition from the emerging startup rivals that use heavily-hyped technology to operate online.

The sole purpose of using Blockchain technology (or any other digital ledgers in that case) is to securely record transactions and process other data over the internet.

The internet giant also plans to provide white-label version that other companies can run on their own servers, said a Google spokesperson. Additionally, Google has also been acquiring and investing in startups with digital ledger expertise. Many of the deals haven’t been announced though.

Google insiders feel that the cloud business is a natural place for blockchain-related services. One of the insider (unnamed) said,

“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans.”

Although in 2016, Google had already started a trial for developers testing blockchain services on its cloud, but the company is now in full swing on exploring much more expansive ways to establish the blockchain technology.

However, with the initiation of the new project, certain challenges are bound to surface. Distributed networks of computers that run digital ledgers can eliminate risks that come with information held centrally by a single company. While Google’s security is strong, it’s one of the largest holders of information in the world. The decentralized approach is also beginning to support new online services that compete with Google.

Still, the reliability and the efficacy of Google has a name for itself in the market. It surely looks possible that Google will be able to combat the challenges that it may face in the world of building its own blockchain technology, and present us with another digital giant other than the search engine.

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