World’s number one search company Google is looking to use blockchain technology for its cloud business. The company is working on a range of crypto-related technologies to power its online services.
Sridhar Ramaswamy, Google’s senior vice president of ads and commerce spoke at the Advertising Week Europe Conference held in London, that Google is working on a plan to use blockchain technology on “developing its own distributed digital ledger that third parties can use to post and verify transactions.” Although Sridhar said that the product’s date hasn’t been announced yet.
“This is a research topic, so I don’t have anything super-definitive to say. We have a small team that is looking at it. The core blockchain technology is not something that is super-scalable in terms of the sheer number of transactions it can run,” he added.
According to Bloomberg news agency, Google is working to develop its own version of the digital ledger, it will use it to help customers and client secure its personal data. The tech giant is also musing to distribute its ledger to third parties to use in verifying its transactions.
Bad News for Bitcoin and Cryptocurrencies
Google’s interest in the blockchain technology which underlies bitcoin and other cryptocurrencies would do little to improve the outlook for cryptos. In a surprising announcement last week, Google reported that it would ban adverts promoting cryptocurrency and other “speculative financial products” across its advertising platforms and third-party websites, effective June 2018. Coming on the heels of Facebook plans to ban Cryptocurrency related ads.
Tech Players embrace Blockchain technology
Other major tech companies like Microsoft, IBM, and Amazon have also focused their attention on the blockchain technology. For instance, Microsoft plans to use blockchain to address managing customer’s personal data and identities. The OS giant has experimented with Microsoft Authenticator software.
IBM has claimed to have designed the world’s smallest blockchain computer chip at the IBM Think 2018 Tech Conference. Its spokesperson said in the press conference that the chip can be used as a data source for blockchain applications.