Google is working on blockchain-related technology to support its cloud business and head off competition from emerging startups that use the heavily-hyped technology to operate online in new ways.

Companies use blockchain and other so-called digital ledgers to securely record transactions and process other data over the internet -- a service Google could use, for example, to reassure customers that their information is protected when stored on the giant network of computer servers that power its cloud services.

Several people in Google’s infrastructure group have been tinkering with blockchain protocols in recent months, according to a person familiar with the company. Other Google insiders said recently that the cloud business is a natural place for blockchain-related services.

“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans,” a Google spokesman said.

With the great effort of competitors to work on blockchain-related applications, Google can’t get isolated and get out of the race.

(By TradingIG)
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