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.

Blockchain Is Well-Positioned to Help the Unbanked, OKEx Executive Says

Lennix Lai, OKEx’s Financial Markets Director, has recently made two presentations in Davos, where the 50th World Economic Forum (WEF) Annual Meeting is taking place, to spread the word about blockchain technology.

In his two presentations – made at the Russia House 2020 and EmTech Investment Meeting 2020 events – Lai argued that even though there are highly developed countries throughout the world, over 2 billion people are still being excluded from the traditional financial services over the operational costs associated with setting up branches in underdeveloped areas.

Lai noted that “unbankedness” is one of the “biggest hurdles in human wellbeing” and a great opportunity for the blockchain and fintech sector to make a difference in the world by helping those left behind by the traditional financial sector get access to financial services that could boost their living standards. At Russia House 2020, Lai said:

Blockchain and cryptocurrencies appear to be a solution to the problem by providing a digital, decentralized financial system that can work mutually-beneficially with traditional markets to substantially lower the operational costs and serve the areas traditional banking cannot cover.

Lai added that OKEx is committed to “bringing a robust and trustable environment to cater to crypto users.” The cryptocurrency exchange, he added at the EmTech Investment Meeting 2020 talk, sees global regulators a start endorsing the space in the future, and the volatility of BTC dropping.

This would make the flagship cryptocurrency a favorable alternative asset for mainstream finance. He also mentioned the growing decentralized finance space, which “reflects that people are starting to brace a free, open, permission-less financial system.”

The options, futures and spot markets OKEx offers, Lai said, let cryptocurrency users manage the price fluctuations in the space, and 2020 will see the exchange continue its efforts on stablecoins, its OKEx wallet, and derivatives products.

He concluded his presentation at the EmTech Investment Meeting 2020 saying OKEx believes “blockchain can achieve an inclusive sustainable development as well as financial inclusion for all, banked and unbanked.”

Featured image via Unsplash.