Google is creating line of blockchain-related technologies to work with its various online services. The technology is used to support cryptocurrencies such as Bitcoin. But Google isn’t going to create a new digital coin.
The Bloomberg reports, that the company is working on creating its own digital ledger, which could be used for a variety of purposes, such as helping to secure customers’ personal data. Also Google is planning to distribute its ledger to third parties so that they can use them to post and verify transactions. There is a plan to create a white label version that other companies can use on their own servers.
Over the past few months, many employees working within Google’s infrastructure group have been working on blockchain technologies. Google insiders believe that the tech giant’s line of cloud services are a natural fit for blockchain technology. However, a company spokesperson did confirm that Google was investigating the tech. A Google spokesperson told Bloomberg:
“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”.
The development of the blockchain technology provides opportunities and challenges for industry leaders such as Google. The tech could provide Google with a more secure way of storing user data, which could be a boon for the company and its customers alike.