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.

Global Task Force, U.S. Tax Agency, SEC Dominate Crypto Headlines

Regulations are ruling the crypto headlines so far this week. Over the past 24 hours, we’ve learnt the Financial Action Task Force (FATF) is reportedly set to finalize new international standards for regulating cryptocurrency firms next month. The commissioner of the Internal Revenue Service (IRS) has stated his agency has “made it a priority” to issue more comprehensive crypto tax guidance “soon.” Finally, the U.S. Securities Exchange Commission (SEC) announced it would delay, once again, its decision on the VanEck and SolidX Bitcoin exchange-traded fund (ETF) proposal.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,945.4 and $252.9; a 0.54% and 0.83% jump over the past 24 hours, respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,822.7 (-0.6%).

Global Standards for Regulating Crypto Firms Next Month

According to reports from CoinDesk, the FATF is set to finalize new international standards for regulating cryptocurrency firms next month. These standards, they report, are widely expected to subject crypto exchanges, wallet providers, and other businesses to the “travel rule” – a colloquial term given to a rule found in the Bank Secrecy Act (BSA) that requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

Introduced in 1996 in the U.S., the “travel rule” is designed to help law enforcement agencies detect, investigate, and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems. The arrival of such international standards would go beyond the basic know-your-customer requirements that are widely enforced in the crypto space at present.

IRS Commissioner: More Detailed Crypto Tax Guidance ‘A Priority’

According to letter from IRS Commissioner Charles P. Rettig dated May 16, the agency has “made it a priority” to issue a more comprehensive tax guidance for cryptocurrencies. The Commissioner’s letter was written in response to a request from 21 Congressmen to provide clarity on tax treatment in relation to cryptocurrency holdings.

In 2014, the U.S. tax agency issued a guidance for cryptocurrency. In his May 16 response letter, Rettig revealed the IRS will “soon” issue more robust guidance. “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions,” the Commissioner wrote.

SEC Delays Decision on VanEck SolidX Bitcoin ETF

The SEC announced the postponement of a decision regarding the VanEck SolidX bitcoin ETF proposal. The postponed ETF proposal was initially filed over a year ago. In January – amid the U.S. Government shutdown – it was withdrawn, only to be resubmitted later that month. On March 29, the commission delayed the joint proposal for the first time. The SEC must announce its decision – or, for the final possible time, postpone its decision – on the proposed bitcoin ETF no later than August 19.

Notably, the U.S. investor watchdog is seeking comments from the public in relation to the proposed VanEck SolidX bitcoin ETF. To guide commentary, they included fourteen questions in Monday’s filing. Comments must be submitted within the following 21 days, whilst rebuttals to said comments are due within the next 35 days.