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Google is joining the list of tech giant firms investing in blockchain technology. The company recently announced establishing a team dedicated to digital assets for its Google Cloud division.
Google Cloud offers online data storage solutions, and it is now looking towards decentralized technologies to build a suite of products.
Google venturing into blockchain
Some cloud storage providers such as Filecoin and Sia have already integrated blockchain technology, and through this team, Google seeks to gain a competitive edge. Google plans to use blockchain technology to create, trade, store value and offer cloud-based products.
Google noted that the blockchain space had evolved significantly over time, and the company wanted to be part of the innovative sector. The tech giant said that it had been impressed with the progress of decentralized technologies. Through blockchain technology, the company will enable its customers to “underpin the blockchain ecosystems of tomorrow.”
The blog post further stressed that “we’re inspired by the work already done on the digital assets space by our customers, and we look forward to providing the infrastructure and technologies to support what’s possible with blockchain technologies in the future.”
The digital assets team will be headed by Rich Wildman, who previously worked as a product counsel for Google and Hedera Hashgraph.
Tech giants venturing into crypto
Google has been venturing into crypto initiatives for the most part of last year. Earlier this month, the company hired a former PayPal executive to head a division that seeks to allow users to store their crypto on digital cards.
The influx of investments into the blockchain has attracted these tech giants, and most of them, popularly known as Web2, have been facing stiff competition from upcoming Web3 projects that seek to be the next major innovation on the internet.
Google has partnered with some of the leading firms in the crypto sector, including the Coinbase cryptocurrency exchange and Bakkt. It has also worked with some of the innovative technologies in the sector, such as Chainlink.
Besides Google, other tech giants such as Amazon Web Services are also exploring blockchain technology. Towards the end of 2021, Amazon posted a job listing looking for a leader for its Digital Currency and Blockchain Product Unit.
The other tech giant that has ventured into crypto is Facebook. The tech firm is leading in its crypto initiatives, and it even changed its name to Meta as a way of venturing into the metaverse.
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