Alphabhet Inc’s Google is working on a Blockchain-related technology that is aimed at supporting cloud business, according to Bloomberg News
Blockchain- built services have provided many startups to offer different online services, reassuring customers that their data is more secure and more productively managed compared to the traditional methods of online data hosting. These new services are proven to be solid challengers to the technology companies that are operating in the cloud-based data storage business.
Because digital ledgers like Blockchain allows secure documentation of transactions and processing of data over the internet or other private networks, more businesses are moving to digital ledgers and Blockchains.
With so many new online services offering cloud-based data storage built on Blockchain, it poses a legitimate threat to the traditional internet-based businesses. Obviously, the tech giant Google wants to fend off such competition with their approach.
“The Alphabet Inc. unit is developing its own distributed digital ledger that third parties can use to post and verify transactions” according to a person with insight into Google’s Blockchain project quoted by Bloomberg.
Image Source: “Flickr”