Google involved in two blockchain technologies to increase data transparency
The Internet giant Google has announced it is exploring the use of blockchain technology in a bid to increase security and data transparency, according to Sridhar Ramaswamy, Google’s senior vice president of ads and commerce.
The first, which was patented back in September 2017, involves a “tamper-evident” ledger, while Google’s parent company Alphabet Inc. conglomerate will attempt to harness the technology to create a transparent audit review platform.
The patent explains the former as: “A method of performing tamper-evident logging may include identifying an existing block in a target blockchain, where the existing block is associated with a first signature, and identifying a block of a second blockchain, where the block that is identified is associated with a second signature. The second blockchain is not a part of the target blockchain.”
The news, announced on Wednesday 21 and reported by Bloomberg, comes after Google followed Facebook in banning crypto adds in a bid to reduce fears of security breaches, scam artists and irresponsible investments by those who can’t afford to lose their bets. The fact that Google is working on its own technology based on the blockchain will further enforce confidence in the innovative tech, which can often suffer under the same reputation of the volatile nature of the cryptocurrencies like Bitcoin.
“The promise of blockchain of course is twofold: one is friction-free value transfer, you can think of it as money transfer working at scale with no friction and that can have an amazing effect on society, because it’s hard to move money. It always costs 2ish percent in most Western countries to move money,” said Ramaswamy.
“This is a research topic, so I don’t have anything super-definitive to say. We have a small team that is looking at it. The core blockchain technology is not something that is super-scalable in terms of the sheer number of transactions it can run,” he added at the Advertising Week Europe conference in London.