- Alphabet’s Google Cloud division is forming a team to establish a strong position in the blockchain ecosystem.
- This move comes after the firm has already taken great strides in retail and other industries.
- There is a high chance that Google Cloud users will be able to pay with cryptocurrencies
Google, the tech giant’s cloud division is hiring multiple blockchain experts to create a business around blockchain technology. This news comes right after the company has made considerable efforts to expand in the healthcare, retail, and other industrial sectors.
If Google is successful, it can diversify away from advertising and stamp more authority in the widening third-party storage devices and computing market.
Is Google looking to capitalize on the decentralized finance wave?
Over the past couple of years, a host of blockchain experts have spoken about creating decentralized applications that eliminate the need for large intermediaries.
Without question, Defi (short for decentralized finance) is one of the fastest-growing sectors within the crypto space. One of the reasons for that is that it eliminates middlemen such as banks, from conventional financial transactions like securing a loan.
In this scenario, banks and lawyers are replaced with a programmable code that is known as a smart contract. The concept of decentralized applications has generated significant interest among technologists who believe that Web3 – the decentralized version of the web transitions from Web 2.0.
Web 2.0 saw the boom of user-generated content including social networks and content. Since most of these services are owned by giant internet players such as Google, the interest in blockchain is pretty obvious.
Google Cloud – Vision and strategy around blockchain
Currently, Google, Amazon, and other cloud-computing companies represent a certain type of centralization. These companies operate huge facilities that provide computing services to millions of users worldwide.
However, Google has shown great intent to diversify and capitalize on new opportunities and avenues. Google is hiring multiple blockchain experts to expand its business.
At the moment, Google’s cloud marketplace offers different tools which developers can utilize to create blockchain networks. It also has different blockchain customers such as Theta Labs, Hedera, and Dapper Labs to name a few.
Google also provides data sets that people can use with the BigQuery service to view transactions for bitcoin and other currencies. Google is currently exploring the different types of services it can directly provide to developers in the blockchain sector.
With all these efforts being made, it is safe to say that Google is looking to make itself comfortable in the blockchain space.
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