Google Is Reportedly Experimenting With Blockchain Technology

Google seems to be working on the latest distributed ledger technology, that underpins the Bitcoin, to support their cloud business.

According to an unnamed sources who talked with the Bloomberg, the search engine company wants to head off the competition by creating their own shared ledger technology to validate transactions within their cloud based services.

Google And Blockchain

The company will form a blockchain that can be used internally in the company as well as the third parties can access to post and verify the transactions, said the unnamed source.

Google reportedly wants to use the blockchain technology in their cloud sector. For example, the shared ledger could be used to soothe clients and customers that their confidential data is safe and protected when stored in Google Cloud. Google has filed a patent application for a tamper-proof audition system backed by Blockchain technology.

The company was researching the distributed ledger technology but still there is a no official product to release, says Sridhar Ramaswamy, Google’s senior vice president of ads and commerce to CNBC.

“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."

A Google Spokeperson

Blockchain Technology Being Used By Other Tech Giants

Tech giant companies like IBM Corp, Microsoft, and Amazon AWS, are leading the pack of blockchain service providers.

Microsoft is working on its BAAS (Blockchain as a service) model on its Azure cloud platform since past two years. Morever, in August 2017, the company has announced a software named “Coco Framework” to help enterprises adopt blockchain.

An American tech giant company, IBM is also working on its own IBM Blockchain, a service build on the Hyperledger Fabric.

Amazon Web Services aka AWS admitted that the company is working on integrating blockchain technology. Amazon still isn’t working on its own service but they’ve launched a portal to help their customers. Continuing the suspense, Amazon has reserved many bitcoin related domains last year. It indirectly indicates their interest towards the cryptocurrency and the technology.

However, it is unclear what forms these new technologies will take and whether a top tech firm will successfully be able to make their blockchain based product mainstream.

Binance Plans Launch of Fiat-to-Cryptocurrency Exchange in South Korea

Samuel Haig

Leading crypto exchange Binance is rumored to be planning the launch crypto-to-fiat exchange in South Korea.

Local media outlet, Block in Press, quoted Changpeng Zhao (CZ), the founder and chief executive officer (CEO) of Binance as stating: “We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details." A Binance representative also reportedly told the publication, “We have been in discussions with BXB, but there is no specific decision.”

Binance Seeks Compliance Officer Based in South Korea

Binance is currently seeking to hire a Compliance Officer based in South Korea, further evidencing the company’s intent to open a Korean exchange. The advert for the position specifies that the candidate must possess “Good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Rumors of a potential South Korean Binance exchange first surfaced in January 2019, when The Block reported South Korea to be among 8 countries that the company was considering opening a new branch in.

Binance South Korea Would Comprise Binance’s Fourth Fiat-to-Cryptocurrency Exchange

On July 10, 2019, Binance fully launched its crypto-to-fiat exchange in Singapore. The exchange was launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India.

Binance SG supports Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) pairings, with customers able to deposit Singaporean dollars (SGD) via the Fast and Secure Transfers (FAST) electronic funds transfer service. Binance SG has expressed to add support for more cryptocurrencies in the future. Binance SG had previously conducted a soft-launch during April 2019, with the exchange reported an average weekly user growth of roughly 20% since then.

During October 2018, the company launched Binance Uganda, with the platform facilitating BTC and ETH pairing denominated in Ugandan shillings (UGX). During January 2018, Binance launched its first fiat-to-crypto exchange in the Crown dependency of Jersey. Binance Jersey supports Euro (EUR) and British Pound (GBP) pairings for BTC and ETH, and currently has a 24-hour trade volume of roughly $380,500.