Former Google Manager Says Company Should Focus on Cryptocurrencies and Blockchain Technology

  • A former Google manager, who asked to remain anonymous, argued the company should focus on cryptocurrencies and blockchain technology, not AI.
  • Other large tech companies like Facebook and Amazon have already started dipping their toes into the space, while Google seemingly hasn't.

A former Google manager has recently revealed he believes the company shouldn’t be focusing so much on artificial intelligence and virtual reality, but on blockchain technology and cryptocurrencies, as some other large tech companies are moving into the space.

According to Business Insider the former Googler, who asked to remain anonymous, said Google, Facebook, and Amazon should’ve “seized the opportunity to gather expertise and invest in blockchain and cryptocurrencies long ago.”

He added:

"These big, old tech companies are stuck in the past. All they talk about is machine learning. The only thing I care about, the only thing that anyone should care about right now, is crypto assets."

Anonymous former Google manager

As covered, Facebook and Amazon have indeed been exploring the cryptocurrency and blockchain space. Various reports recently revealed the social media giant is “very serious” about launching its own cryptocurrency, and even put former PayPal president David Marcus in charge of a team that’s set to “explore how to best leverage blockchain across Facebook.”

Amazon, on the other hand, recently saw its cloud-computing unit Amazon Web Services launch free Ethereum and Hyperledger Fabric blockchain templates, which will allow its customers to easily create and deploy secure blockchains.

While some cryptocurrency enthusiasts believe the e-commerce giant may one day accept cryptocurrencies, that remains to be seen. Last year, the company bought three crypto-related domain names, a move that could just be protecting its brand name.

Per the former Googler, cryptocurrencies are going to change the financial industry, and as such Google should start focusing on them. He added:

"This is what's going to change money and the financial industry as we know it. Google could use it for Adsense, for everything they do. The company should be a frictionless paywall... You're going to see them all eventually come after this."

Anonymous former Google manager

While some unnamed sources have claimed Google is experimenting with blockchain technology, its most well-known involvement with cryptocurrencies as banning industry-related ads from its platform. The move even saw a Russian entrepreneur sue the tech giant.

Advantages of Securing IoT Devices with Blockchain, Explained By Andreas Antonopoulos

Andreas Antonopoulos, a widely-followed Bitcoin (BTC) specialist, has argued that using blockchain to solve internet of things (IoT)-related security issues may not have any significant benefits.

Antonopoulos, whose comments came during a recent Q&A session, published on May 17, 2019, said it’s possible that a traditional database management system could work just as well (as a blockchain) when it comes to securing IoT-based applications.

Logging Information From IoT Devices Using Blockchain-based Systems Could Be Beneficial

However, Antonopoulos acknowledged that distributed ledger technology (DLT)-based systems could be useful in cases where “information is logged from IoT devices in a way that it maintains that information so that it can be changed in the future … so this [would be] an immutability benefit.”

He added that many people use the term blockchain to refer to databases that are able to register digital signatures (PKIs). Antonopoulos clarified:

I think that it’s important to clarify that the purpose of a blockchain is more than recording digital signatures, [or digital timestamping]. We’ve had PKI for 25 years. There’s nothing new there and it’s not particularly interesting to take a PKI database and make it public - unless you do something with it like … building a decentralized consensus system so you can have immutability.

He continued:

And then again, what problem are you solving? What are the problems in IoT security [that you’re trying to address?] A lot of people are trying to mash these two terms (IoT and blockchain) together.

According to him, there are great security risks involved when implementing IoT-based systems.

Solar Energy Trading On Blockchains

Responding to a question about the potential benefits of using an ERC-20 compliant token, instead of just using ether (ETH), when conducting solar energy trading on the blockchain, Antonopoulos first clarified that ETH is generated by mining on the Ethereum network.

He further noted that “if you have an ERC-20 token that’s related to solar energy, then perhaps you can mine, or mint, or issue that token in response to people generating energy. So, they can earn that token directly when producing energy. But the only way you can really measure how much energy somebody is producing in order to issue a token is to buy and use that energy. And in that case, [you] could just pay in ether.”

Antonopoulos also argued that tokens are not required in all cases and that users should exercise caution when new projects are trying to offer a native token.

“Markets Are Just Human Behavior”

The data communications and distributed systems graduate from the University College London also pointed out that blockchains “operate as markets” and they operate by “using markets.” For example, there’s a market for cryptocurrency mining which is based on a blockchain network, Antonopoulos explained.

There are also markets, Antonopoulos noted, for proof-of-work (PoW)-related mining profitability and “there are currency markets within the cryptocurrency space.”

He added:

All of these markets exist because of blockchains. [Therefore,] markets are a critical application of blockchain technology. Blockchains will create better, more fair, more transparent, more open markets...wherever markets are needed. Interestingly enough, even in places where markets are needed but not wanted….[For instance,] drug markets...Why? Because drug markets are [just] markets...Markets require two things in order to happen: supply and demand....Markets are just human behavior.