Bitcoin has been cited as the ‘all-conquering economic juggernaut’. As it’s the hardest money ever…
Google has now taken its first step towards blockchain technology. It’s not surprising that they have moved forward here as the market continues to climb at a rapid pace. But it does put the company on track to crash into other businesses that have already invested in this tech, including Amazon, IBM and Microsoft.
It’s interesting to explore why Google has decided to move forward here regardless of the impact.
A Matter Of Trust
It’s true to say that customers and clients have already seen the flaws in a trust-based system. The downfall of Wall Street in 2008 as well as times the government have debased the national currency were products of a trust-based system. That’s why crypto supporters want to remove this type of setup completely, and of course, the blockchain is currently the best answer to this issue.
Central planning is now buried in the past. The next generation of investors are moving forward in support of trustless software and systems that support it. To keep up with this changes, Google have to make sure that they are supporting the emerging technology. If they fail to do this, then they will be as lost as an analogue clock in the digital age.
There’s nothing quite as innovative on the market today as the blockchain and distributed ledger tech that companies are currently investing in. As the greatest disruptive force in 2000, many people would argue, it only makes sense for Google to climb on board this particular bandwagon.
An Increased Support
Recently, Google have shown a lot of support for blockchain technology including the launch of the analytics tool for Ethereum, BigQuery. The tool built for exploring is the first of its kind, but in the future, Google is expected to provide various other blockchain tools on the market. Experts predict a future where mining rings can be sourced directly from Google, and Google Wallet begins to support payment with the biggest bitcoins.
Google may have launched this service to show blockchain developers that they are ready to work with them, using Google Cloud, rather than competitors such as Microsoft, IBM or Amazon. All these businesses are also pushing their own blockchain support but with BigQuery Google have raced forward. The technology provides quick, simple, cost-effective exploration of the blockchain ledger that crypto users can take advantage of.
But it’s not just Ethereum. In July, Google also made the Bitcoin data available on BigQuery. They ensured that Digital Asset were able to make their blockchain software and all tools for developers accessible through Google Cloud. The idea was to obliterate tech barriers to ensure that distributed ledger technology could be developed through Google’s data system.
The Hurdles Of The Future
While the movements by Google are impressive, there are still challenges ahead for the company. To expand their services in the blockchain, they need to find an entrance path into Wall Street and show users what can be possible through blockchain with real cases. Ultimately, like other businesses, a framework of regulation with also be required for operators and users to rely on.
That said, Google do seem to be pushing forward and are clearly aware of the true potential behind this tech.