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Google Reportedly Developing Own Blockchain Tech To Support Cloud

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Google's parent Alphabet Inc. is developing its own distributed ledger or blockchain technology to give an edge to its cloud business versus those of rivals, Bloomberg reported Wednesday, citing people familiar with the matter.

While it is unclear, when the internet giant would release a blockchain-based product, the company plans to offer a white-label version that other companies can test on their servers, the report said.

The report also said that the company began a trial for developers testing blockchain services on its cloud as early as 2016.

On Wednesday, Google's advertising chief Sridhar Ramaswamy said at a conference in London that the company was "actively looking at" harnessing blockchain, but the core technology was not scalable to handle several transactions faster.

Alphabet has also acquired and invested in blockchain startups though many of the deals remain under the wraps, the source told Bloomberg.

Data from CB Insights suggested that Alphabet was among the prominent investors in blockchain companies between 2012 and 2017, second only to Japan's SBI Holdings.

The company made six investments that included the blockchain-based cloud storage company Storj, the digital assets software platform Blockchain, Ripple, private enterprise services firm LedgerX, now defunct Buttercoin and merchant payment services startup Veem, the CB Insights, the report said.

Investments are made via Google Ventures or GV, Alphabet's venture capital arm.

by Jyotsna VRTTNews Staff Writer

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