Google Cloud Compares Blockchain to Open Source Internet

April 11, 2022 Editor Blockchain 0

Blockchain technology is gaining more attention as interest in cryptocurrency reaches a fever pitch. Google Cloud has gotten involved with blockchain by creating a Digital Assets Team. The team will focus on blockchain technology – which it thinks will eventually become as common as the internet and open source.

The Growth of Blockchain

Blockchain technology is relatively new. And some people think it’s too early to compare it to developments such as the internet and open source. Also, critics say that blockchain isn’t easy to understand and that most people don’t even know it exists.

However, Google believes that blockchain is here to stay. As long as there’s an interest in cryptocurrency, blockchain will play a role. The company also states that Microsoft Azure and Amazon Web Services have made use of blockchain technology.

Google and Cryptocurrency Capabilities

Google plans to eventually allow cloud customers to receive and make payments using cryptocurrencies. Several companies now accept digital currency as payment, including AT&T. Dealing with cryptocurrencies is currently the most popular use for blockchain.

However, Google’s interest in blockchain is a surprise to some. Especially since Microsoft ended its Azure Blockchain service. Microsoft abruptly ended the service without any notice.

It’s assumed that Microsoft ended the service because it wasn’t profitable. However, Google is betting on their service being a success. The company believes that blockchain technology will play a role in the future. And that it has tremendous potential to create valuable and innovative opportunities for businesses and consumers.

Google also states that as blockchain enters the mainstream, more companies will see its value. And those companies will need secure, reliable, and scalable infrastructure to handle the change. The company plans for Google Cloud to play a role in the mainstream adoption of blockchain technology.

Google’s Digital Asset Team will help customers deal with various aspects of blockchain-based platforms. The team plans to help with short and long-term goals, such as:

  1. Taking place in on-chain governance and node validation with selected Google Cloud partners.
  2. Creating a clean environment for blockchain. The plan is to help users and developers use blockchain in a way that supports Google’s social, environmental, and governance endeavors.
  3. Hosting BigQuery datasets publicly on Google’s Marketplace. Datasets might possibly include full blockchain transaction records for huge cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, and Hedera.
  4. Google believes that digital assets are already changing how the world handles information. Digital assets offer an entirely new way to store and move information. It’s also changing what people value. Such as the rise in digital art in the form of NFTs, which often sell for thousands of dollars.

Google Cloud wants to become a part of this current evolution with decentralized networks and blockchain technology. No one is sure what the future holds for cryptocurrency, blockchain technology, or decentralized networks. But companies such as Google, Amazon, and others are getting involved in what will possibly change the world.