Google Cloud is reportedly working with Amazon and IBM in Serving Blockchain Clients
Cryptocurrency or digital currency is the new investment method for many of the world. People who don’t even understand how it works are investing their savings in cryptocurrencies believing it might bring them a fortune. Urban legends and testimonials go on saying how people got wealthy by investing in Crypto mainly Bitcoin. But investing in Cryptocurrency is mostly a gamble. You may lose all of your money or you could be the one telling others the story of you getting rich. It is also being used in illegal trading. This is one of the reasons many countries do not recognize cryptocurrencies as legal tender.
But now, the news is that tech legend Google is investing in blockchain technology and have already made large sums of it. Google is actively backing up startup crypto companies to ensure the safety of the crypto market. Googles intervention in the blockchain technology might lead to a safer and stable market in the future.
A report in the Bloomberg network said that Google was the second largest investor in the Cryptocurrency world after a Japan-based Finance Corporation. There are reports that Google was actively participating in the blockchain world since the 2012s and was testing out new technology in the related areas. The company is testing out methods to keep the digital transactions more safe and secure.
Google is rumored to be testing out cloud-based blockchain technology in securing the transactions. Since its Google cloud is one of the world’s largest cloud-based services, blockchain technology can be run more smoothly and efficiently.
Ripple, the Google-supported blockchain technology crypto has already processed millions of dollars for the company. The company aims to use Ripple as a base to license the digital ledger system where all the information is stored so that each server could it by themselves. This could make the technology independent of the network system that is used today making it decentralized on the web. Such a method can make each server act as a bank for itself making a track of every transaction in the server than the digital currency.
This could allow even small transactions to be processed as per the Bloomberg report. Making every minor and major transaction is possible with efficiency and time-saving procedure. It could save the process from errors and unwanted difficulties. A transparency can be achieved in the technology making it easier for the world to understand. Enabling secure transactions on every connected device is one of the main advantages of the proposed technology of Google.
This may be a relief to the crypto world as the uncertainties associated with the blockchain technologies may be resolved with the intervention. It could also provide a strong backbone to the network. If Google succeeds in the technology, cryptocurrency may not be treated more like an unstable monetary transaction. It could make international transactions easier and less expensive lifting the barrier of forex trade and native currency valuation methods.