How is Google making its way into the crypto world?
During his earnings call, Google CEO Sundar Pichai spoke about the company’s interest in blockchain technology. He noted that it has the potential to transform the way people work and live. Google is making significant progress in the crypto space due to the growing adoption of disintermediated transactions.
Pichai noted that blockchain could be used to enhance web3 innovations. He also said the company wants to support the development of new blockchain solutions. The company plans to allow blockchain-based businesses to use its cloud computing services. It is also exploring the possibility of introducing non-fungible cryptocurrencies (NFTs) into its web platforms.
The company’s decision responds to the growing number of technology companies that have already adopted Web3 technology. Sergey Brin, co-founder of the company, noted at a conference in 2018 that Google hasn’t been able to catch up with other companies in terms of being at the forefront of blockchain.
The company’s announcement coincides with the rapid emergence of web3 innovations and the growing popularity of cryptocurrencies. The use of blockchain technology is also expected to transform the way people pay for artistic content.
In a statement released recently, Google explained how distributed ledger companies can use its services to deploy their blockchain nodes on the company’s cloud. The company noted that its services can be used by distributed ledger businesses to scale their businesses using its secure and durable infrastructure.
The services will support digital asset validation and data transfers. However, some crypto enthusiasts believe that Google Cloud’s implementation of blockchain technology does not constitute a decentralized network since it involves the maintenance of all nodes in the network.
In response, Google said it plans to integrate non-fungible cryptocurrencies (NFTs) into its YouTube platform. According to Susan Wojcicki, CEO of the company, the company is committed to helping creators capitalize on the potential of emerging technologies.
Wojcicki noted that YouTube currently uses Web3 innovation as inspiration. The platform is also exploring the possibility of introducing non-fungible cryptocurrencies into its platform. Stephen Tse, co-founder of web3 innovation company Harmony One, noted that introducing non-fungible cryptocurrencies to YouTube would allow web2 companies to expand their reach and attract more consumers.
Google Cloud noted that it is investigating the possibility of introducing cryptocurrencies into its payment platform. This was interpreted as a positive sign for major cryptocurrencies around the world, such as Bitcoin and Ethereum.
The company said it will support full transaction history for major cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin. The market reacted positively to the news and saw a surge in cryptocurrency prices.
Bill Ready, the company’s president of commerce, noted that the company is always focused on developing new ways to manage cryptocurrency transactions. He noted that the company will continue to evolve with the evolution of the industry.
As it seeks to diversify its revenue streams, Google is working to create a blockchain division within its cloud computing platform. The creation of this division signals the company’s intention to play a leading role in the cryptocurrency ecosystem. Blockchain technology is widely considered a vital part of the digital economy.