Google Cloud bets on blockchain experts to take the company further

google cloud, microsoft, amazon
image from medium.com

Key Takeaways:

  • Google Could dips its toes into blockchain technology.
  • It might be late, as competitors Amazon and Microsoft have been in the game since 2018-19.
  • Youtube also jumped on the bandwagon with it NFT feature.

YEREVAN (CoinChapter.com) – Google Cloud, the data storage platform offered by the internet giant Google Inc, announced its promptitude to dive into blockchain-based applications. The service formed a group that will handle the growing demand for blockchain services.

Thomas Kurian, the chief executive of Google Cloud, confirmed the intention. Additionally, he asserted that the blockchain focus would help Google grow in retail, health care, and other industries instead of having advertising as the primary vector.

Additionally, Richard Widmann, the head of the newly-formed Strategy for Digital Assets, said he is looking to hire experts with blockchain experience. They will be a part of Google’s larger plan to increase decentralization.

Also read: SEC gives a nay to Fidelity spot Bitcoin ETF amid ongoing BTC market decline.

We think that if we do our jobs right, it will drive decentralization. […] There are things we can do to reduce the frictions some customers have with respect to paying for centralized cloud utilizing cryptocurrencies.

noted the executive.

Competition is key

In hindsight, Google’s crypto curiosity could stem from the necessity to withstand competition. When it comes to Cloud services, Google has several strong opponents, including Amazon Web Services and Microsoft.

Amazon Web Services, which led the 2021 cloud service market with a 39% share, has started its blockchain journey in 2018. The company implemented the technology as a part of a future vector change.

AWS provides purpose-built tools to support your distinct needs. Whether you need a centralized ledger database that maintains an immutable and cryptographically verifiable record of transactions, or a multi-party, fully managed blockchain network that helps eliminate intermediaries.

advertises Amazon.

Moreover, the company claims that 25% of all Ethereum (ETH) workloads in the world run on AWS. Additionally, AWS asserts it has over 70 validated blockchain partner solutions on AWS Marketplace.

Also read: Bitcoin holds $60K-support as rumors of Amazon integrating crypto payments hit markets.

As mentioned, other competitors include Microsoft, which enjoyed a 19.7% market share in 2020 and grew to 21% in 2021 with its Azure Blockchain Service. Meanwhile, Google Clouds lags in third place with 8% of the market, according to Q3 2021 statistics.

However, other companies associated with Google also jumped on the blockchain bandwagon. The latest news came from Youtube, the Entertainment behemoth, which has belonged to Google Inc. since 2006.

Youtube to introduce NFTs

If Google Cloud aims to focus on real-world implementations of blockchain technology, Youtube took an alternate route. It could be the latest platform to consider NFTs as the non-fungible token sector continues to grow.

YouTube CEO Susan Wojcicki confirmed the video giant’s intention on Jan 25. She said that the company was looking for ways to help creators benefit from NFTs.

We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs while continuing to strengthen and enhance the experiences creators and fans have on YouTube.

said the executive.

Also read: Bitcoin to dive lower in the wake of the FOMC meeting, says analyst.

Youtube announcement came shortly after another social media giant Twitter launched a feature that helps users verify their NFTs using their profile picture. However, as of publication, the feature is only available to paid subscribers of Twitter’s Blue service.

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Google, Google Cloud bets on blockchain experts to take the company further

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