Google, the multi-billion-dollar company is thinking to invest in blockchain technology. This statement was first reported by Bloomberg on Wednesday, which was gathered from anonymous sources. It stated that Google is developing a “blockchain-related” platform to help support its cloud business. Even more so, last September, Google submitted an application to the U.S Patent and Trademark Office with reference to this technology.
The speculation about Google is not yet confirmed by the search engine company. However, it is setting up a plan in which it will be making use of two blockchain systems to store data. This new technology is being referred to as “target blockchain”.
The process works by:
- first processing “first signatures” which will be recorded on the ledger,
- on a separate blockchain, signatures will be verified and sent to it,
- through this process, data collected is then stored in the second group of computers.
By this system, data collected will be at its highest security, thus being very hard to tamper with.
Google does not yet know what will happen to this project, in fact, the company stated that it is “way too early to speculate about any possible uses or plans” and goes on to clarify:
“The method may include, by the electronic device, adding a new block to the target blockchain, by linking the new block to both the existing block and the block of the second blockchain that is identified by generating a signature for the new block that is based on the first signature and the second signature, and associating the signature with the new block. The target blockchain and the second blockchain may be part of a block-lattice.”
At the moment many cryptocurrency adverts are being circulated around the internet, encouraging people to invest, some of which are resulting to be fraudulent. Due to this fact, Google is looking into various ways to ban such ads on its’ platform.
In contrast, Google is still pursuing to invest in the blockchain system and is investigating various means on how this can occur.
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