Can Google Catch Up to IBM and Microsoft in Blockchain?
Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) @Google is developing a blockchain service to support its cloud business, according to @Bloomberg. Google plans to offer the service on its Google Cloud Platform, as well as a stand-alone version which companies can run on their own servers. #Blockchain is a decentralized ledger of data which is spread out across various network locations instead of a central server. That data is secured in encrypted “blocks”, which can be accessed through a peer-to-peer (P2P) network. Blockchain’s role in verifying cryptocurrency transactions made it one of the hottest buzzwords in tech over the past year. However, blockchain can also be used to verify traditional financial transactions, streamline logistics, track supply chains, and improve food safety. Back in 2016, Google started a trial which let developers test blockchain services in its cloud. At a recent conference, Google ad chief @SridharRamaswamy stated that the company had a “small team” working on blockchain, but that its core technology still couldn’t handle a lot of transactions. This means that @Google could face a tough uphill battle against #blockchain leaders @IBM (NYSE:IBM) and @Microsoft (NASDAQ:MSFT). Why IBM and Microsoft own the blockchain market IBM is often considered a slow-growth tech company, but it has a massive enterprise footprint with its business hardware, software, and IT services. In recent years, Big Blue invested heavily in the growth of its “strategic imperatives” — in the cloud, analytics, mobile, security, and social markets — to offset sluggish demand for its legacy products. One of these strategic imperatives is blockchain. IBM is no match for Amazon (NASDAQ:AMZN) Web Services (AWS) in the public cloud market, but it’s still one of the top companies in the private cloud of on-premise servers. It also has a significant presence in the hybrid cloud, which tethers on-premise servers to public cloud services.