Search engine giant Google is apparently working on two separate blockchain projects: a “tamper-proof” auditing system and technology to support its cloud business. Alas, Google is officially pivoting toward cryptocurrencies’ underpinning technology.
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Google Moves Toward Blockchain
The distributed ledger “blockchain” technology is the tech behind cryptocurrencies like bitcoin and ethereum, but its potential goes far beyond just payments. Now, Google seems officially in.
Sounds like the search engine giant is starting to feel the heat from crypto. In the very least, the tech giant would appear to be hedging their bet so as not to be left behind if the cryptocurrency revolution really does come to pass.
All the Rage
Google plans on keeping its blockchain technologies open to the public, where customers will be able allowed to post and verify their transactions.
A Google spokesperson told Bloomberg, “Like many new technologies, we have individuals in various teams exploring potential uses of blockchain, but its way too early for us to speculate about any possible uses or plans.”
The announcement comes as a surprise to some as this month Google announced a ban on cryptocurrency-related advertisements on its platform, akin to Facebook’s decision. Google’s sustainable ads director Scott Spencer said of the move: “We’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Tech giants other than Google, like IBM and Microsoft, have already had a head start when it comes to blockchain technology. These titans have already begun offering distributed ledger tools. Amazon, Google’s major rival in cloud business, is already distributing blockchain applications through partnerships with companies like Samsung, Corda R3, and PokitDok.
Allied Market Research forecasted the blockchain space, which accounts for $228 million USD in 2016, would scale up to $5.4 billion by 2023.
Will blocktech offer a big breakthrough for Google? Let us know your views in the comments sections.
Images via CNBC, The Economic Times