Blockchains have been shown to have a myriad of functions. Although they were created for cryptocurrencies, they have been used to provide food to the hungry, settle real estate contracts, prevent voter fraud and much more. They have proven to be a highly versatile, highly functional technological platform that will surely find their way into more and more uses. Google has found one already and is currently creating its own blockchain-based distributed digital ledger.
The ledger will be used to secure customer data (perhaps they can share the technology with Facebook), as well as to allow third-party companies to be able to submit and verify transactions. The company has been working on the technology for a few months, taking advantage of its robust cloud service to support the production. Google has yet to make an official announcement about the development, but a spokesperson 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.”
The enormity of the tech giant gives it a lot of capability to grasp ahold of any new technology. It only makes sense, then, that it would embrace blockchain to maintain its edge. As a means of more securely storing user data, the blockchain will ultimately become an integral part of Google’s suite of products.
Not much is known about where Google is heading with its blockchain plans. It currently is looking into the Hyperledger consortium, but might turn toward a different direction if another platform could be scaled to run millions of transactions. Google currently enjoys a great deal of security for its offerings, but the amount of data it holds needs to be protected to the maximum.
Google has a knack for helping to keep its position on top of technology hill and keep competition to a minimum. In 2017, it maintained its position by investing a large chunk of its revenue into startups that were exploring blockchain and digital ledger technology. It invested more than did Goldman Sachs or Citigroup, two of the leading companies in technological investments. If the company is currently exploring blockchain technology, there’s a very good chance that it’s working on something even bigger.
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