Google is starting work on blockchain, set up a new unit called Google Labs

According to reports, Google may be preparing to use blockchain technology. Bloomberg reports that IBM has created a whole new team to study the applicability of blockchain technology in several fields. Also created a new unit – Google Labs. From what we know so far, Google is hoping to make significant progress in distributed computing and data storage with this initiative.

Not only Google is Interested in Blockchain

Google isn’t the only company interested in blockchain technology. For a range of professions, technology companies are lined up to use blockchain. A Bloomberg report citing an internal email obtained by the media has revealed Google’s ambitions in this area. Blockchain and associated technologies are mentioned in the email.

Following the information in the email, Google has established a unit dedicated to “blockchain and other next-gen distributed computing and data storage technologies.” Shivakumar Venkataraman, a Google engineering vice president for the previous two decades, has been named to this position. The unit’s “founding leader” is presently Venkataraman.

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Google Labs

Interestingly, Google has renamed this entity Google Labs, a term that was in use for roughly a decade before this unit was formed. Google Labs was formerly an incubator where the company showcased and tested its latest products in front of the general public. There will be a new unit, but it will have a different purpose.

Unlike the previous Google Labs, which were open to everybody, this one would focus on long-term initiatives with a high probability of success. Bloomberg has received an internal communication indicating that Google’s virtual and augmented reality projects are now being housed there.

It does not name any specific Google product or service that will be susceptible to blockchain technology other than the term “blockchain technology”. Only time will tell how many uses blockchain will have for Google, given the technology’s vastness and the company’s massive digital footprint. It remains a mystery as to how it will get started.

Google Pay may provide crypto services

Even so, by connecting the dots, we may make an informed prediction at this point. A few days ago, Google made it clear that it’s keeping an eye on the cryptocurrency market. Google Pay may be able to provide crypto services in the future.

For a variety of interconnections, Google will have to adopt blockchain. This, however, is by no means a unique use case. There are currently several payment gateways that accept crypto payments. Consequently, Google may be working on a different application altogether. Perhaps, like Meta and many governments, it intends on launching its cryptocurrency.

Adding crypto-related functionality to its services is, of course, more ambitious. It’s hardly a surprise that Google is working on a cryptocurrency, as the firm has stated its intention to do so. Another possibility is that the software isn’t tied to cryptocurrencies at all, but rather uses blockchain as a backend for some other use case. Only time will tell exactly what it will be like.