Google is working on blockchain-related cloud technology
A lphabet subsidiary Google is working on blockchain-related technology for its cloud business, according to a report by Bloomberg.
The Silicon Valley juggernaut will be developing its own distributed digital ledger, competing with start-ups in the emerging blockchain space.
A rising amount of companies are leveraging the use of blockchain and other digital ledgers to securely record transactions and process data over the internet.
Though blockchain is most commonly associated with bitcoin and other cryptocurrencies, the technology is set to disrupt a whole range of industries. Developers from around the globe have been working to apply the technology to industries ranging from supply chain management to the tackling of human trafficking.
For Google, the service of blockchain could be particularly useful for reassuring customers that their personal information is protected on its cloud services.
The use of blockchain technology for its cloud service will enable groups to post and verify transactions, said the Bloomberg report. According to the source in the report, Google also has plans to release a version that which will allow other companies to run their own servers, though the timings of this remain unclear.
To add to the speculation, it has also been reported that the internet behemoth has been acquiring and investing in startups with digital ledger expertise.
Furthermore, a number of Google insiders have recently voiced that the cloud business is a natural place for blockchain services. According to the Bloomberg report, “the people asked not to be identified talking about the subject because the company isn’t ready to make an announcement yet.”
For Google, blockchain technology presents an array of opportunities. With Google being among the largest holders of information in the world, it can really enhance the companies security and protection of individual’s data. The distributed network of computers that run digital ledgers can drop the risk that coincides with information being held centrally by a single company.
We are already seeing the emergence of new online services using a decentralized approach striving to compete with Google.
For instance, Brave is a web browser which instead of running targeted ads, it uses blockchain technology to pay websites when people spend time there.
A spokesperson from Google told CNBC that the company had “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.”