As interest in cryptocurrencies approaches a fever pitch, blockchain technology is gaining traction. By forming a Digital Assets Team, Google Cloud has gotten involved with blockchain. The team will concentrate on blockchain technology, which it believes will become as prevalent as the internet and open-source software in the future.

The Rise of Blockchain Technology

Blockchain is a relatively new technology. Some assume that it is too early to draw parallels between the internet and open-source software technologies. Furthermore, detractors claim that blockchain is challenging to comprehend and that most people are unaware of its existence.

On the other hand, Google feels that blockchain is here to stay. Blockchain will continue to play a role as long as there is interest in bitcoin. According to the company, Microsoft Azure and Amazon Web Services have also used blockchain technology.

What is Open Source Internet?

Open source internet refers to the development and distribution of technology and content through the collaborative efforts of a community of individuals, with the source code made publicly available for anyone to use, modify, or distribute. The goal is to promote transparency, collaboration, and innovation on the web. Examples of open source internet projects include the Linux operating system, the Apache web server, and the WordPress content management system.

How is open source internet different from blockchain

Open source internet and blockchain technology are related but distinct concepts.

Open source internet refers to the development and distribution of technology and content through the collaborative efforts of a community of individuals, with the source code made publicly available for anyone to use, modify, or distribute.

Blockchain, on the other hand, is a distributed ledger technology that records transactions in a secure and transparent manner, without the need for intermediaries. It allows multiple parties to maintain a shared and tamper-proof record of transactions, making it ideal for use in applications such as cryptocurrencies, supply chain management, and digital identity management.

While both open source and blockchain aim to promote transparency, collaboration, and innovation, open source internet refers to the development and distribution of technology, while blockchain refers to a specific type of technology (distributed ledger) used to maintain secure and transparent records of transactions.

Capabilities of Google and Cryptocurrency

The most common application of blockchain is dealing with cryptocurrency. Google intends to allow cloud customers to receive and send cryptocurrency payments in the future. AT&T is one of the companies that now accept digital money as payment.

Some people are surprised by Google’s involvement in the blockchain. Especially after Microsoft’s Azure Blockchain service has been decommissioned. Microsoft canceled the service abruptly and without warning.

Microsoft is thought to have shut down the service because it wasn’t profitable. On the other hand, Google is banking on the success of its service. According to the business, Blockchain technology will play a role in the future. And that it has enormous potential to provide businesses and consumers with valuable and innovative options.

According to Google, as blockchain becomes more widespread, more businesses will recognize its value. These businesses will require a safe, dependable, and scalable infrastructure to cope with the transition. According to the company, Google Cloud is expected to play a role in the general adoption of blockchain technology.

Also, read – What is Open Source Blockchain, and how does it work?

The Google Digital Asset Team will assist customers with a variety of blockchain-based platform issues. The group intends to help with both short and long-term objectives, such as:

• With selected Google Cloud partners, on-chain governance and node validation are taking place.
• They are creating a secure blockchain environment. The agenda is to make it easier for consumers and developers to use blockchain in ways that benefit Google’s social, environmental, and governance goals.
• On Google’s Marketplace, you may find BigQuery datasets that are open to the public.
  Complete blockchain transaction records for significant cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Hedera, could be included in the datasets.
• Digital assets, according to Google, are already transforming the way the world manages information. Digital assets provide an entirely new approach to storing and moving data. It’s also affecting how people value things. For example, the growth of digital art in the form of NFTs may fetch thousands of dollars.

Nobody knows where bitcoin, blockchain technology, or decentralized networks will go in the future. Companies like Google, Amazon, and others, on the other hand, are becoming involved in what has the potential to change the world. With decentralized networks and blockchain technology, Google Cloud aims to be a part of this ongoing progress.

The difference between public and private blockchain