Dive Brief:
- Google is reportedly working on blockchain solutions for its cloud business, such as a secure transaction ledger for third parties, reports Bloomberg. Sources told Bloomberg that the internet company isn't ready to announce blockchain protocols or acquisitions.
- Google led corporate investment in blockchain technology in 2017 and has continued investing in and acquiring related startups to get ahead of competition. Google Cloud Platform applications would be a natural fit for the technology and company, sources told Bloomberg.
- On Wednesday, Sridhar Ramaswamy, senior VP of ads and commerce, said that the company has a "small team" researching the promising technology but does not have any product announcements at this time, reports CNBC. Ramaswany called out the technology's potential for money transfer.
Dive Insight:
If there's a new hype technology in town, its only a matter of time until Google's name starts appearing in the same sentence.
Big companies looking to get into new technologies often wait for others to do it first, then acquire the small players and become a force to be reckoned with. Google has been on the leading edge investing in and acquiring advanced technology startups, which played a key role in establishing the company's AI dominance.
But after years of investment and research, is it finally time for the company to make its splash in the blockchain market? Or will it be entering the market at a disadvantage?
Competitors like IBM and Microsoft have been forging ahead in the blockchain market and putting solutions into the market for months. While Google led with investment, it stayed out of popular blockchain consortia like Hyperledger or R3, which many of its technology peers have.
AWS and Microsoft Azure, which lead Google in the IaaS market, have been touting their platforms and partner ecosystems for blockchain solutions.
