How Is Google Making Its Way Into The Crypto World?

During its earnings call, Google’s CEO Sundar Pichai talked 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 headway in the crypto space due to the increasing adoption of disintermediated transactions.

Pichai noted that blockchain could be used to improve web3 innovations. He also said that the company would like to support the development of new blockchain solutions. The company is planning on allowing 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 move is in response to the growing number of tech firms that have already adopted web3 technology. Sergey Brin, the company’s co-founder, noted during a 2018 conference that Google has not been able to catch up to other companies in terms of being on the cutting edge of blockchain.

The company’s announcement coincides with the rapid emergence of web3 innovations and the increasing popularity of cryptocurrencies. It’s also expected that the use of blockchain technology will transform the way people pay for artistic content.

Blockchain

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 companies to scale their businesses using its secure and sustainable infrastructure.

The services will support the validation of digital assets 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 maintaining all of the network’s nodes.

NFTs

In response, Google noted that it plans to integrate non-fungible cryptocurrencies (NFTs) into its YouTube platform. According to Susan Wojcicki, the company’s chief executive officer, the company is committed to helping creators capitalize on the potential of emerging technologies.

Wojcicki noted that YouTube is currently using web3 innovation as a source of inspiration. The platform is also exploring the possibility of introducing non-fungible cryptocurrencies into its platform. Stephen Tse, the co-founder of web3 innovation company Harmony One, noted that introducing non-fungible cryptocurrencies into YouTube would allow web2 companies to expand their reach and attract more consumers.

Cryptocurrencies

Google Cloud noted that it’s exploring the possibility of introducing cryptocurrencies into its payment platform. This was interpreted as a positive sign for the world’s leading cryptocurrencies, such as Bitcoin and Ethereum.

The company stated that it would support the full transaction history of major cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin. The market reacted positively to the news and saw a spike in the prices of cryptocurrencies.

Bill Ready, the company’s president of commerce, noted that the company is still focused on developing new ways to handle cryptocurrency transactions. He noted that the company will continue to evolve with the evolution of the industry.

As it looks to diversify its revenue sources, Google is working on establishing a blockchain division within its cloud computing platform. This division’s establishment signals the company’s intention to play a prominent role in the cryptocurrency ecosystem. Blockchain technology is widely considered a vital component of the digital economy.