Google has announced the establishment of a new team to focus on Web 3.0 (an open-source blockchain project introduced by Ethereum in 2013) infrastructure, including those building decentralized applications and decentralized exchanges.
Cloud computing is the use of remote servers to provide services and run applications. Cloud computing has become a popular topic in recent years with many companies moving their operations online. There are many benefits to cloud computing such as cost-effectiveness, scalability, and elasticity. These advantages have led to an increase in the popularity of cloud computing among businesses. Read more in detail here: which of the following is not true about cloud computing.
Google has confirmed its intentions to enter the much-hyped Web3 market. The IT behemoth is taking a major step forward to demonstrate its commitment to Web3 and the notion of decentralization.
Google makes a move towards Web3.
Google’s cloud division has announced the launch of a new team dedicated only to blockchain and Web3 technologies. This group will help the IT giant plan its entry into the burgeoning cryptocurrency market.
Over the last several years, cloud data storage has grown in popularity. Google isn’t the only company with an interest in the idea. Amazon and Microsoft each have divisions dedicated to cloud data storage. Google, on the other hand, is pushing its cloud storage unit to the next level by integrating it with cutting-edge technology.
For its cloud computing branch, the world’s biggest search engine has substantially spent in commercials and marketing methods. This financing is likely to aid the new blockchain team, solidifying Google’s objectives for the blockchain area and Web3.
Amit Zavery, vice president of Google Cloud, stressed the need of forming a blockchain-focused team. In an email to CNBC, Zavery said that Google needed to become a leader in the field of blockchain.
Google, on the other hand, was not interested in a personal approach to bitcoin activity, according to Zavery. Instead, it positioned itself as a technology supplier for businesses that use blockchain technology. This strategy might assist conventional organizations who have yet to enter the blockchain space.
“We’re not attempting to actively participate in the Bitcoin craze. “We’re delivering solutions enabling organizations to leverage and benefit from Web3’s distributed nature in their present operations and enterprises,” Zavery noted.
Google is also working on a solution that would make it easier for new people and organizations to enter the bitcoin industry, according to Zavery. By simplifying the process of building and operating nodes, the business hoped to make blockchain data more accessible. Businesses who wish to verify and record transactions must use this procedure.
The CEO was also upbeat about the rising popularity of blockchain technology. He predicted that blockchain technology will find uses in a variety of areas, including banking and retail. Web3 apps, he believes, may potentially “make their way into the mainstream.”
In addition, Zavery hinted at intentions to make Google’s blockchain technologies accessible to competitors like Amazon Web Services. This move might put Google at the top of the blockchain food chain, enabling them to control a market that several internet behemoths are vying for.
Google’s aspirations for blockchain
The Google cloud unit announced plans for a digital assets team in January of this year. The team would collaborate closely with clients to investigate new blockchain ideas, such as non-fungible coins (NFTs).
Google said it was looking at allowing consumers to use digital payment methods like bitcoins. Tech companies have been clamoring for cryptocurrency payment alternatives and NFT integration. Instagram, which is owned by Meta, just announced that it would incorporate NFTs from the Ethereum, Solana, Polygon, and Flow blockchains.
Sundar Pichai, the CEO of Google, has indicated interest in blockchain. Blockchain technology was “interesting and powerful,” according to the CEO. He also said that the IT behemoth was looking at blockchain and Web3. Other Google executives have emphasized the company’s ambitions to assist these new technologies.
The “web 3” is a new team that Google will be focusing on. The team will be working to make the infrastructure for blockchain applications more accessible and reliable.
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