Google’s involvement has certainly made a huge impact in the world of Blockchain.
The London School of Economics (LSE) have published a report that explores why it’s a huge news that Google is now striking on to blockchain – after a declaration that proposes the Google Cloud is to be integrated within two different blockchain projects.
One of these projects goes by the name, Digital Asset, a US-based company that deals with DLT solutions. A part of this sees Google Cloud used along with the Digital Asset’s private beta program, one that has been intended to simplify the development of smart contracts. By building partnerships, Google is gaining an access to instant expertise, something that can just have a positive effect later on.
The reason behind this step of Google, being a huge news:
First, this will help promote blockchain technology to the mainstream. Adoption is a major deal, one that is just going to be upgraded by the name and Google Brand. Basically, people trust Google, and if Google is launching blockchain applications, people will have trust in them as well.
In addition, as indicated by the LSE report:
“This will address the gaps that have prevented would-be blockchain solutions from coming to fruition, and considerably speed up the adoption of blockchain technology in doing so. By providing a standardized “backbone” for smart contracts (which not every application developer knows how to program from scratch), and a “sandbox” in which DLT applications can be taken from their alpha version to their launch, Digital Asset and Google are giving blockchain developers everything that they always needed, but could not easily obtain.”
It will quicken the procedure that needs to take place before we can see a completely working blockchain model enter the mainstream, with a couple of glitches, working in a consistent environment.
All of this also has implications for ‘the internet’ as a product too:
“Key developments would ensue in the coming years to validate the Internet as a technology suited for mainstream users and make it easier to use. For example, major corporations started to build websites, and Microsoft included the Internet Explorer web browser in releases of Windows 95 as an easy way to use the Internet. Similarly, Google’s movement towards blockchain has the dual effect of providing both their endorsement of the technology in and of itself and making blockchain technology easier to use through its partnership with Digital Assets. In conclusion, Google’s involvement with blockchain will ultimately be a step forward for distributed ledger technologies. Its partnership with Digital Assets will not single-handedly bring blockchain into the mainstream; though it will be a major milestone along the way.”
The blockchain is a development that can’t be halted. With Google being in, huge things to happen aren’t too far, not only for Google inside the blockchain business but rather for the blockchain technology as a whole as well.
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