Earlier this week it was announced that Google has been working on two different blockchain projects. The tech giant is producing its own cloud blockchain platform and a super secure, “tamper evident” auditing system. Currently both cloud and auditing systems are prone to unauthorized access with limited transparency over the data transfer process.
Google not only plans to use blockchain technology on its own cloud service platforms, but it intends to distribute the solution to third party companies as well. This will enable a variety of companies to process and transmit transactions via Google’s distributed ledger. The result being fast, efficient and secure data transfers.
Over the past couple of years, startups deploying blockchain technology have begun to chip away at Google’s position as an industry leader. As new startups leverage the power of blockchain to create dynamic new services, Google’s products are looking less secure.
Without the use of a distributed ledger like blockchain to record transactions and data transfers, Google risks falling behind to its competitors. One of Google’s most direct competitors in the web browser space is a company called Brave. Brave is an innovative web browser that loads web pages faster, blocks ads and trackers, and saves you money by not downloading ad content. It also pays website owners via blockchain whenever a user visits their site.
Though Google is testing the waters with this emerging technology, the concept remains in its infancy. According to a spokesman, “like many new technologies, we have individuals in various teams exploring potential uses of blockchain, but it is way too early for us to speculate about any possible uses or plans”.
However the given public attitudes towards data security and privacy, the applicability of blockchain to Google’s service is massive. Blockchain technology will enable the company to process data transactions through a decentralized digital ledger and verify them over an entire network. This means it would be incredibly difficult to access unauthorized data.
If Google manages to incorporate blockchain into their cloud service platform then they will secure their position as a tech pioneer and catch up with other industry giants such as Microsoft and Oracle who are already offering similar services. Google may be one of the most recognized companies in the world today, but if they fail to invest in blockchain technology they could easily be supplanted by innovative startups like Brave.
It is becoming more important than ever before to commit to embracing digital disruption and new technologies like blockchain. By failing to do so, Google runs the risk of fading from being a thought leader to a stagnant company. Google’s blockchain project shows that the firm remains committed to providing the best service available, and is ready to meet new challenges.