Google Cloud Betting on New Blockchain

Google Cloud Betting on Blockchain
Google Cloud Betting on Blockchain

Intro:

Google Cloud has formed a new organization focused on blockchain applications in an effort to broaden the internet giant’s services to other sectors.

It will recruit individuals with blockchain knowledge, according to Richard Widmann, head of strategy for digital assets at Google’s cloud department, told in a report published by CNBC. These personnel will be part of the company’s decentralization strategy. According to CNBC, Thomas Kurian, Google’s cloud CEO, the new organization would focus on the health care and retail industries. Google has spent many years focusing on advertising, so becoming a more dominating player in cloud storage might be a smart step.

Other businesses will be able to use blockchain-based platforms to construct, transact, store assets, and launch products.

Companies working in blockchain and distributed-ledger technologies, such as Hedera, Theta Labs and Dapper Labs are already utilizing Google Cloud for scalability and security, according to a blog post from the firm.

“This new team will enable our clients to expedite their efforts in this growing field and contribute to the future blockchain ecosystems,” Yolande Piazza, vice president of financial services of Google Cloud wrote in a blog post.

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Cloud Infrastructure:

Cloud infrastructure continues to expand as a result of major digital changes taking place for businesses all over the world. Significant cost savings, scalability, enhanced security, infinite data storage capacity, fewer environmental impacts, and other advantages are present, and practically every organization today wishes to take advantage of them.

Market Leader:

Microsoft MSFT with its quickly rising Azure cloud service control around 21% of the worldwide market share, while Google Cloud comes in third place with approximately 8% of the global market share as of Q3 2021. Amazon AMZN is the obvious leader as of Q3 2021, with Amazon Web Services accounting for an amazing 39 percent of worldwide market share.

Development Plans:

The new group will work on comprehensive blockchain transaction history for bitcoin, ethereum, bitcoin Cash, dash, litecoin, zcash, theta, hedera hashgraph, band protocol, polygon, XRP, and dogecoin, as well as integrating Google’s partner ecosystem, such as Google Cloud Marketplace. According to the blog post, another initiative will use Google Cloud as “The connecting thread between traditional enterprise and blockchain technology.”

Concluding Thoughts:

In the statement, Google Cloud also stated that it is “exploring future potential to enable Google Cloud users to make and receive payments using cryptocurrency.” This differs from Google Pay, which accepts only fiat currency payments, according to Sofia Chernova, communications manager at Google Cloud, in an email to TheStreet. The firm accepts Coinbase, Bitpay, Gemini, and Bakkt crypto cards, which can be linked to Google Pay, but transactions are still made in fiat currency.

Frequently Asked Question (FAQs):

Is Google working on crypto?

Google Labs is a new division that has been established by Google. Internally, the group will put blockchain, distributed computing, and data storage technologies to the test.

Does cryptocurrency work on a blockchain?

Cryptocurrencies are based on blockchain, a distributed public ledger that keeps track of all transactions that are updated and maintained by currency holders. Cryptocurrency units are formed through a process known as mining, which involves employing computer power to solve complex mathematical problems that result in coins.

What is the biggest blockchain company?

1. Coinbase Global Inc. (COIN)
2. Monex Group Inc. (MNXBF)
3. BIT Mining Ltd. (BTCM)
4. Canaan Inc. (CAN)
5. Voyager Digital Ltd. (VYGVF)
6. SOS Ltd. (SOS)
7. HIVE
8. Silvergate Capital Corp. (SI)
9. Riot Blockchain Inc. (RIOT)
10. Bitfarms Ltd. (BITF)

Does Amazon use blockchain?

Amazon Managed Blockchain supports our blockchain infrastructure and shared network components completely, allowing us to focus on designing smart contracts that offer value to our clients.

Source: Google Cloud

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