According to Bloomberg news updates, Google is currently working on creating a Blockchain technology This is going to be a great benefit for cloud businesses. Services that use blockchain technology are booming and offer innovative solutions as well as the assurance of security.
These kinds of offerings can be a strong competitor to companies that only offer hosting solutions.
Google Blockchain Explained
Blockchain, a digital ledger, allows for secure data recording and point-to-point transfer without security breaches. It is more secure for storing and retrieving data, so many companies are looking into it.
Companies are also concerned that they could be held responsible for data breaches if they trust one company with their data. Blockchain is a distributed system, so data security is high.
Traditional internet-based businesses feel lost with so many competitors on the market. Google decided to get on board and find a service that is similar to what you offer.
Google, like its competitors Amazon and Microsoft, is expected to enter the cloud business. There are also many other service providers that are trying to make their presence known and have been widely successful.
A white label version will also be offered by the company’s distributed ledger. White labeling refers to a method that businesses use to permit other businesses or services to use their products. Google may open private blockchains to their customers with these types of offerings.
Private blockchains can be controlled and owned by clients through different servers, or hosted on private networks.
Google On Buying Spree For Blockchain Start-ups
In the last few years, Google has been thinking about Blockchain. In fact, Google recently went on a buying spree in blockchain start-ups. Although these deals were not publicly visible, many of them occurred between 2012 and 2017, making Google the leader in blockchain acquisitions.
Google has increased its blockchain industry hiring. They might even be equipped with an enhanced version of the Blockchain module.
According to Wintergreen’s Research, the market for blockchain has grown very slowly over the past decade. It is poised for strong growth.
Others technology giants such as IBM, Accenture and Amazon have already entered the blockchain arena. It was clear that Google would soon follow suit.
Amazon already offers assistance in the development of blockchain applications, while Facebook is expanding its decrypting technology and virtual tokens. Google appears to have been inspired, and so the effort to join the party before it is over seems to be already over.