Google Is Developing Its Own Blockchain-Related Technology

Google is one of the largest information holders in the world, and while it’s security is strong, there is still room for improvement. To that end, Google is working on its own “blockchain-related technology,” according to Bloomberg. Sources close to the project say that Google is working to develop its own “distributed digital ledger that third parties can use to post and verify transactions.” Essentially, it would project consumer information stored on its cloud services. No release date has yet to be announced.

This move would be a way for Google to stand apart from cloud competitors, reports Bloomberg. The Internet giant has been acquiring and/or investing in various startups that have expertise in digital ledgers. Additionally, its parent company, Alphabet Inc., led all corporate investors in the field last year.

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For those who’ve heard buzzwords like “blockchain” and “Bitcoin,” but aren’t entirely clear on what it all means, Bloomberg provides an apt description:

“Digital ledgers like blockchain power Bitcoin and other cryptocurrencies. They are databases that are updated regularly across thousands of computers over the Internet. Each entry is confirmed by these machines, which can be part of public networks or run privately by companies. There are different kinds of digital ledgers — blockchain is only one. Data crunched by this technology range from transactions to supply-chain updates to digital cats.”

Google “will also provide a white-label version that other companies can run on their own servers,” adds Bloomberg.

IBM and Microsoft are just two tech giants who have been leading the blockchain charge, offering related tools and “letting companies tinker with digital ledgers using their cloud services.”

Last year, the market for blockchain-related services was $706 million. It could grow to more than $60 billion in 2024, according to WinterGreen Research.