The blockchain is the technology which allows for cryptocurrencies and their exchange. But it’s not the only possible way to harness this new invention. Thanks to its ability to transparently record transactions which are impossible to change, blockchain implementation is a great way to improve and increase the security any system or database.
Blockchain is already being explored in the financial world as means to make KYC procedures easier, make fast international transfers and many more. Even traditional financial institutions like Visa are investing in their own blockchain applications.
The first step for Google is to use blockchain to improve the security of their cloud service. After development, the blockchain will not remain private; Google plans to offer a license and plan for customers to run their own versions of the blockchain on their own servers. No product details or potential launch dates have been announced yet.
Google is not the only major tech giant interested the blockchain. IBM has been exploring blockchain technology for some time, Microsoft is working on an identity system, and Google’s main competitor in the cloud space, Amazon Web Services, already offers distributed ledger testing.