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Blockchain / Breaking News

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 ‘pro-technology’ right?

The London School of Economics (LSE) have published a report that discusses why it’s 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 see’s Google Cloud used alongside Digital Asset’s 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:

“This 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 “backbone” for smart contracts (which not every application developer knows how to program from scratch), and a “sandbox” 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.”

It’s 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 ‘the internet’ as a product too:

“Key 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, Google’s 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, Google’s 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.”

The blockchain is a movement that can’t 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.

References

LSE Report


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As a key writer for Crypto Daily, Nathan’s role entails the creation of cutting edge news articles, reviews, press releases and general content creation. Nathan’s stories strive to include the most up-to-date cryptocurrency news and affairs, contributing to Crypto Daily’s growing network. Nathans previous experience as a researcher, working on University standard projects means he has a wealth of experience in writing, from academic thesis publication to independent research projects. By applying these research skills to Crypto Daily, we can ensure the content creation team really do know what they are talking about.