Blockchain has grown exponentially in recent years and cryptocurrency attracted attention as a hot investment. Noticeably, few of the top business leaders have spoken about blockchain including Alphabet, Google’s parent company. Google has a brilliant record of expanding business opportunities. Its advertising revenues reached $61.2 billion on the fourth quarter of 2021. When Google’s top executive speaks of blockchain, it is a noteworthy event.
Google is looking at blockchain
Experts and proponents have recognized the capacity of blockchain to move beyond cryptocurrency. They recognize the potential of distributed ledger technology to foster an evolutionary step in Internet technology. Near the announcement of Google’s successful fourth quarter earnings, the Google Cloud Division announced formation of a dedicated team for blockchain development. The movement towards blockchain by Alphabet and Google is a positive sign of blockchain adoption. The connection of blockchain to a dominant tech company is a milestone event.
Web 3 and blockchain
Web 3 promises to challenge Web 2’s reliance on large, powerful companies that dominate the Web. Among those economic giants would certainly be Meta and Alphabet. Some experts see Meta and Google working in Virtual Reality and Augmented Reality as steps towards Web3. More accurately, AR and VR simply extend a lengthy line of software development.
The first blockchain was introduced by the Satoshi Nakamoto experiment in in Bitcoin. Blockchain can move beyond crypto. The technology has found its way into many traditional businesses with disruptive impacts. Smart contracts and decentralized finance provide alternatives in industries dominated by central authorities.
The NFT craze uses blockchain in a way similar to cryptocurrency markets. The ledgers confirm existence of a digital asset and define its ownership. DeFi solutions provide self-executing contracts that do not require banks and financial institutions. Supply lines and logistics use blockchain to track and record movements of goods and inventories.
Cloud technology is a major investment for big tech forms, blockchain may be a logical extension of cloud computing networks. The Google CEO indicated that the Google Cloud team is working in ledger area. Google Cloud announced a Digital Assets Team to explore blockchain development.
Web3 promises greater user control of information and blockchain powered ledgers can store information without unauthorized intrusion. It would be noteworthy to observe steps toward Web 3 approaches to data security from the dominant firms in Web 2.
Indirect investment in blockchain
Adoption of blockchain technology by the tech giants would dramatically alter the trajectory of decentralized ledgers. While there may be some further use of NFTs and cryptocurrency by major platforms, the use of decentralized ledgers might be more impactful. While casual users may not dwell on the unexpected commercialization of their data and Internet activity, there is a rising movement towards reclaiming user ownership of personal data.
Using blockchain technology, Alphabet and Google can mix decentralized features and appeal to a new generation of Web users that prioritize control over their personal data. For some investors, Alphabet may be a way to invest in the rising prospects of blockchain technology and cryptography.
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