Intervention From Google Is Big News For Blockchain
Aside from actual cryptocurrencies, Google are very pro blockchain. This is obviously a given, as a tech firm, Google need to be âpro-technologyâ right?
The London School of Economics (LSE) have published a report that discusses why itâs big news that Google are now tapping into the blockchain - after an announcement that suggests the Google Cloud is to be integrated within two different blockchain projects.
One of these projects goes by the name of Digital Asset, a US based company that deals with DLT solutions. A part of this seeâs Google Cloud used alongside Digital Assetâs private beta programme, one that has been designed to simplify the development of smart contracts. This serves as just one example of how Google are exploring this area. Through establishing partnerships, Google are gaining access to instant expertise, something that can only have a positive impact in the future.
Why is this big news?
Foremost, this is going to help bring blockchain technology to the mainstream. Adoption is a big deal, one that is only going to be enhanced by the name and Google brand. Simply put, people trust Google, therefore if Google are releasing blockchain applications, people are going to trust them too.
Moreover, according to the LSE report:
âThis will address the gaps that have prevented would-be blockchain solutions from coming to fruition, and considerably speed up the adoption of blockchain technology in doing so. By providing a standardized âbackboneâ for smart contracts (which not every application developer knows how to program from scratch), and a âsandboxâ in which DLT applications can be taken from their alpha version to their launch, Digital Asset and Google are giving blockchain developers everything that they always needed, but could not easily obtain.â
Itâs going to accelerate the process that needs to take place before we can see a fully working blockchain model enter the mainstream, with few glitches, working within a seamless environment.
All of this too, has implications for âthe internetâ as a product too:
âKey developments would ensue in the coming years to validate the Internet as a technology suited for mainstream users, and make it easier to use. For example, major corporations started to build websites, and Microsoft included the Internet Explorer web browser in releases of Windows 95 as an easy way to use the Internet. Similarly, Googleâs movement towards blockchain has the dual effect of providing both their endorsement of the technology in and of itself, and making blockchain technology easier to use through its partnership with Digital Assets. In conclusion, Googleâs involvement with blockchain will ultimately be a step forward for distributed ledger technologies. Its partnership with Digital Assets will not single-handedly bring blockchain into the mainstream; though it will be a major milestone along the way.â
The blockchain is a movement that canât be stopped. Google had to decide, are they in, or are they out? By being in, big things now exist on the horizon, not just for Google within the blockchain industry, but for blockchain within the rest of the world too.