Google is setting up a new division that will focus on building blockchain-based solutions for the company. Does this mean an entry into cryptocurrencies?
Noida,UPDATED: Jan 22, 2022 11:04 IST
Google might be gearing up to embrace blockchain technology. The company has reportedly set up a new unit that will look into the viability of blockchain technology across verticals. From what is known so far, Google wants to make headway in distributed computing as well as data storage technologies with this move.
The pursuit of blockchain technology is neither unfounded nor exclusive to Google. Technology firms are lining up to adopt blockchain for a plethora of tasks they see fit in their space. Google's plans in this direction have been made public in a recent Bloomberg report that cites an internal email accessed by the publication. The email mentions a new division that will work on blockchain and related technology.
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As per the email, a unit focused on “blockchain and other next-gen distributed computing and data storage technologies” has been set up by Google. For this, the company has also appointed Shivakumar Venkataraman, an engineering vice president for Google who has been with the company for the past 20 years. Venkataraman will now be the “founding leader” of the unit.
Interestingly, Google has named this unit Google Labs, a name that was in existence until about a decade ago. At the time, Google Labs used to be an incubator where Google conducted public demonstration and testing of its new projects. The new unit, with the same name, will have a different focus though.
While the earlier Google Labs was public, this one will be more of an internal group focused on high-potential and long-term projects. At present, it houses Google's projects around virtual and augmented reality, as per the internal email seen by Bloomberg.
So, what will be Google's blockchain move?
Other than using the term blockchain technology, the mail does not specify any particular product or service from Google that will be subject to the use of blockchain technology. Given the scope of the technology and Google's vast digital presence, we can only be sure at this point that blockchain will serve many purposes at Google in the time to come. Where it will start, is a mystery to be solved.
Though we can connect the dots to make an educated guess. Only recently, Google revealed that it is watching the cryptocurrency space attentively. The potential idea is to offer crypto services through its payment portal Google Pay.
If or when it happens, Google will have to embrace blockchain for several integrations. Though this will not be a unique use-case by any means. Several payment gateways are already offering crypto payments. Google, then, might work on a more innovative application as well. It may, much like Meta and many countries, attempt to bring its own cryptocurrency to the world.
That is, of course, much more ambitious than simply adding crypto-related features to its services. The company's intent to work in the direction is clear though, so it will not be an outright surprise if Google manages to come up with a crypto coin. Then again, the application may not necessarily be around cryptocurrencies at all, and just be backed by blockchain for some other use case. What it will be, only time will tell.
Also read: | Google Drive app gets an important security feature
Published By:
Sarthak Dogra
Published On:
Jan 21, 2022
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