Google is planning to introduce a “blockchain-like system” to its cloud platform, according to a report on Futurism.com.
This is despite the fact that the company recently decided to ban advertisements for cryptocurrencies from its advertising platform.
Cryptocurrencies depend on blockchain, but blockchain itself is a multi-purpose system which can be used to secure all manner of transactions.
Google is said to have been one of the first investors in blockchain, and is said to have poured more money into acquiring startups in the sector than any other company. And a couple of years ago Google Cloud Platform made its servers more amenable to blockchain developers.
Now, according to a report on Bloomberg.com, Google is developing its own version of blockchain with a view to offering the technology through GCP. Bloomberg says Google’s aim is to not only strengthen its cloud offering but also to see off competition from a new generation of startups which emphasise blockchain in their services, some of which are cloud-related.
The business and finance news agency says it spoke to several Google insiders who told them Alphabet, Google’s parent company, is developing “its own distributed digital ledger” that it will offer its customers. These customers, or developers, can use this distributed ledger to “post and verify transactions”, says Bloomberg.
A distributed ledger is the basis for blockchain, and refers to a system of making copies of records of transactions which are kept by everyone in that blockchain ecosystem. The system is said to be stable, highly secure and all transactions are verifiable. It can be used for cryptocurrencies but also for any exchange of data.
A Google spokesman who commented on the story told Bloomberg, “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.”