Google is reportedly working on blockchain-related technology to support its cloud business, according to a report.
Companies use blockchain and other so-called digital ledgers to securely record transactions and process other data over the internet.
The Alphabet Inc. unit is developing its own distributed digital ledger that third parties can use to post and verify transactions, Bloomberg reports, citing an unnamed person. Although the timing of any product release is unclear, the company plans to offer this to differentiate its cloud service from rivals. It will also provide a white-label version that other companies can run on their own servers, the report added.
Google declined to comment.
Digital ledgers like blockchain power Bitcoin and other cryptocurrencies. They are databases that are updated regularly across thousands of computers over the internet. Each entry is confirmed by these machines, which can be part of public networks or run privately by companies.
Some startups are trying to challenge Google's online dominance by using digital ledgers. For exampe, web browser Brave competes with Google's Chrome. Instead of running targeted ads, Brave uses blockchain technology to pay websites when people spend time there. BitClave lets people perform searches online, and get rewarded for seeing ads.