Earlier this week, search engine leader Google announced its plans to implement portions of cryptocurrency technology within its own web-based applications as a means to enhance the security of its cloud products.
While the timeframe and exact implementation details have not yet been released, the company has stated that it will move forward with blockchain technology as part of its online tools offerings.
Blockchain, the general ledger used by bitcoin and the majority of other digital currencies, provides a transparent, distributed, anonymous, permanent and tamper proof record of electronic transactions performed while engaging in exchanges using cryptocurrencies.
Google’s internal Alphabet unit made the announcement that they have already begun developing their own blockchain solution along with investing in and acquiring other startup firms that are in the process of creating their own digital ledger technologies.
The general ledger offering would give users of Google cloud services the ability to manage, oversee and ensure who is accessing their resources online and to protect their sensitive data. It could also provide the firm’s customers with a powerful means to coordinate transactions electronically through programmable smart contracts, deriving some of the additional security and automation benefits from the blockchain technology.
Google began testing their own blockchain services back in 2016 through its developer partnerships.
Their latest blockchain solution moves Google into the global digital ledger market in a space where Microsoft and IBM control approximately 51 percent of the worldwide investment.
Digital ledger technology has already started to impact the financial industry with several recently launched firms specifically focused on delivering blockchain solutions and services forming partnerships with financial industry players.
While the benefits of the technology show promise for the mortgage industry, Wall Street giants including Mastercard, Goldman Sachs, JPMorgan Chase and Bank of America have contributed to the more than 1200 blockchain patents filed last year.
In related news this week, IBM announced launching its own platform targeted at smaller firms developing their own digital ledger applications.