Google is not only the most popular search engine in the world. They are also keen to explore new technological frontiers that no human has ever walked before. Think of their self-driving car project Waymo, or Loon. This initiative sends tennis-court-sized balloons into space to provide Internet access.
It’s no surprise that they have been long exploring the potential of blockchains. As of 2021, Google is involved in many blockchain projects. They have an infrastructure that is distributed around the globe, so many blockchains could profit from this without having to maintain their own backend. Here are a few of the projects Google has been involved with. While some projects are better funded with investment rounds, others receive technical support from the Google team.
Google Pay transactions
Many jurisdictions still have issues with the combination of DeFi and fiat. There is a growing demand from businesses for seamless integration of fiat and crypto payment methods. People desire to be able to shop for Zilliqa (ZIL), as well as to exchange cryptocurrencies and purchase Zilliqa ($US). Google Pay transaction possibilities were offered by Paxful, an online peer-to-peer BTC trading platform. They did it! Users can now buy Bitcoin using the regular Google Pay app. Coinbase even created their own Visa payment card. Coinbase combined Google Pay with their crypto fund pool to enable instant transactions with vendors. A user can pay for products and services using crypto from their Coinbase account by using a plastic card. There is a lot more going on behind the scenes. This is an innovative use case, which basically makes cryptocurrency “normal money” in the real world.
Collaboration with a crypto exchange
One of the cryptocurrency exchanges that offers a digital wallet function, migrated its database layer to Google Cloud Spanner. This latter powers their online blockchain explorer instrument. They have achieved an unprecedented combination of AI algorithms and big-data in a fast-paced crypto environment. This is naturally hard to grasp and analyze. This blockchain’s management admits that they have saved 30% on maintenance costs. This enterprise was also funded by Google during one of their investment rounds. They collected $120 million in total.
Google Cloud partnered with Theta Labs, a blockchain company, in May 2020. Users will be able deploy nodes to the network thanks to Theta’s Blockchain and the infrastructure of the search giant. Google will also be a validator of the European region. Google is currently Theta Labs’ twelfth validator. Other validators include Binance, Samsung, and Blockchain Ventures. It appears that Google has integrated very easily into the blockchain technology, which is being called a new and revolutionary technology. What’s the secret to their success? Think about it. Google functions like a blockchain since its inception. The Internet was used as a distributed network, where users “voted” for search queries. Rankings were determined based on the voting results. This algorithm is also used in online advertising by Google.
Experts believe that the partnership with a blockchain will increase Google’s decentralization. It is interesting that it seems to be a double-edged sword. Google will increase Theta’s decentralization by relying less on its founder. Theta Labs has ambitious plans to create a next-level streaming video platform. It will be similar to YouTube but decentralized and much faster. Users will simply share small bits of information they have already downloaded (watched), with one another. Videos won’t stream from one server. Instead, they will stream from anywhere. Although it is difficult to imagine, developers of the platform believe that this will be a significant leap in video streaming services.