Google, the Internet Search Engine giant is reportedly working on a number of blockchain-based protocol solutions for its cloud service. This is again another clear example of the levels to which blockchain technology has penetrated the business scene. From governments of different countries to multinational corporations like IBM, the technology appears to be sweeping through several industries causing disruptions and considerable paradigm shifts in their business ideologies.
According to a Bloomberg article, Alphabet Inc., the holding company that owns Google has its sights set on developing its own legacy distributed digital ledger framework. The plan is that third-party users can apply the ledger framework to initiate and verify transactions. According to an unnamed source in the company, there isn’t any timeframe yet for when the blockchain product will be released. The source also revealed that the company was planning to release a “white-label” version, i.e., a version that other companies can rebrand to run on their own servers.
According to another unnamed spokesperson, a number of employees working in the Google Infrastructure unit have been working on a number of blockchain protocols in recent months. The major sentiment within the company is one that believes the cloud environment is a perfect digital habitat for blockchain technology implementations. With internet data security becoming increasingly threatened by malicious hackers, blockchain technology could potentially hold the key to a more secure digital environment. Cloud servers have come under attack by hackers in recent times and Google could use blockchain technology solutions to assure users that their data stored in the cloud is safe and secured.
As a pioneer of the Internet revolution, Google is aware of the need to remain relevant in the grand scheme of things as far as the digital world is concerned. BY embracing new technology and innovations, the company has been able to establish itself as a major player in the internet technology industry. With blockchain technology becoming an integral part of the modern-day digital narrative Google is doing all it can to ensure that it isn’t left behind as this new era evolves.
IBM and Microsoft account for a greater majority of the blockchain-based protocols that have been developed by tech companies. They are also by a long margin the tech companies enabling smaller companies to test potentially game-changing blockchain protocols on their cloud platforms. With the market for blockchain technology solutions expected to grow to $60 billion in 2024, Google must feel the need to make its mark in the industry or risk losing out.
The emergence of blockchain technology has also led to the establishment of a number of startups that seem to be posing a threat to Google’s online dominance. By using digital ledgers, services like Brave are challenging Google Chrome in areas like digital advertising. According to Elad Gil, a startup investor and former Google employee, paradigm-shifting innovations like blockchain technology usually provide a platform for new-generation corporate giants to emerge. As a result, the established firms have to adopt new approaches in order to keep up with the evolutionary process.