Crypto

Google creates a ‘blockchain’ department

Google is also starting to get serious about blockchain by creating a new department at Google Labs, although its projects are still at a very early stage.

According to Bloomberg, the new department will be headed by Shivakumar Venkataraman, who until earlier this year was vice president and general manager of some of Google’s advertising businesses.

Currently we don’t know much more about what Google wants to do. However, the fact that the new department reports to Google Labs means that it is, in fact, a rather experimental and long-term value project. Therefore, it is not yet a “business unit” in its own right.

This likely means that Google will eventually move into things like cryptocurrencies or NFTs as well, starting with the underlying technology first. The blockchain is a kind of database, with the important difference that it is not managed by a single actor, but by several that must verify each processing. This is very useful if the actors do not trust each other, but it also has the disadvantage that transaction processing requires much more current and computing power than a conventional database.

According to the Bloomberg agency, the new department will be headed by Shivakumar Venkataraman, who until the beginning of this year was vice president and general manager of some of Google’s advertising activities. However, the fact that the new department reports to Google Labs means that it is, in fact, a rather experimental and long-term value project. So it’s not quite a full business unit just yet, which likely means Google will eventually turn to things like cryptocurrencies or NFTs as well, starting with the underlying technology. The blockchain is a kind of database, with the important difference that it is not managed by a single actor, but by several that must verify each processing. This is very useful if the actors do not trust each other, but it also has the disadvantage that transaction processing requires much more current and computing power than a conventional database.

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