GOOGLE has decided none of the already well-established blockchain protocols aren't quite good enough, so it is going to develop its very own blockchain-related technology. So there! Google's Alphabet division is working on a cloud based digital ledger to get in front of competition from new startups that are creating new ways to operate online. Google could certainly use the new technology to secure transactions and to reassure customers that their information is super safe. Especially after Facebook's "little episode".
Google's Alphabet unit is in charge of developing the "in house" distributed digital ledger which will allow third parties to post and verify transactions. This is intended to differentiate its own cloud service from competitors. Oh yeah, it will also offer the technology in a white-label version to other companies which will sort of hinder the new upstarts getting into the field. Don't mess with "The Goog".
(Bill Taylor/Managing Editor)
"Google is working on blockchain-related technology to support its cloud business and head off competition from emerging startups that use the heavily-hyped technology to operate online in new ways, according to people familiar with the situation.
Companies use blockchain and other so-called digital ledgers to securely record transactions and process other data over the internet -- a service Google could use, for example, to reassure customers that their information is protected when stored on the giant network of computer servers that power its cloud services.
The Alphabet Inc. unit is developing its own distributed digital ledger that third parties can use to post and verify transactions, one of the people said. Although the timing of any product release is unclear, the company plans to offer this to differentiate its cloud service from rivals. It will also provide a white-label version that other companies can run on their own servers, the person added.
The internet giant has also been acquiring and investing in startups with digital ledger expertise. Many of the deals haven’t been announced, the person said. Still, Alphabet was a leading corporate investor in the field last year, ahead of Citigroup Inc. and Goldman Sachs Group Inc., according to research firm CB Insights...."
Source: Bloomberg.com