Google is reportedly developing a new blockchain-based system to compete with Ethereum, the second-largest blockchain network after Bitcoin. The system, known as “Blockchain Node Engine,” is designed to make it easier for developers to build and deploy decentralized applications on Google Cloud, according to people familiar with the matter. Google declined to comment.
The move underscores the growing interest in blockchain technology from major technology companies. Ethereum, which is used to run applications such as decentralized finance protocols and non-fungible tokens, has seen its popularity surge in recent years. However, the network has also been criticized for its high transaction fees and slow transaction times.
Google’s Blockchain Node Engine is said to be in the early stages of development and is not expected to be released until next year. The system will reportedly be based on the Ethereum Virtual Machine (EVM), which will make it compatible with a wide range of existing Ethereum applications. However, Google is also said to be working on its own blockchain technology, which could eventually be used to power the Blockchain Node Engine.
If Google is successful in launching a successful rival to Ethereum, it could have a major impact on the blockchain industry. Google’s vast resources and technical expertise could help to accelerate the adoption of blockchain technology and make it more accessible to a wider range of developers.
However, Google will face a number of challenges in competing with Ethereum. Ethereum has a large and well-established community of developers, and it is home to a wide range of applications and services. Google will also need to address the scalability and cost issues that have plagued Ethereum in the past.
Despite these challenges, Google’s entry into the blockchain market is a significant development. It is a sign that major technology companies are increasingly recognizing the potential of blockchain technology and are willing to invest in its development.
In addition to the Blockchain Node Engine, Google is also reportedly working on a number of other blockchain-related projects. These projects include a digital asset custody service, a decentralized identity platform, and a blockchain-based payment system. Google is also a member of the Enterprise Ethereum Alliance, a consortium of companies that are working to promote the adoption of Ethereum in the enterprise.
Google’s interest in blockchain technology is a reflection of the growing importance of this technology. Blockchain is a distributed ledger technology that allows for the secure and transparent recording of transactions. It has the potential to revolutionize a wide range of industries, including finance, supply chain management, and healthcare.
As Google continues to invest in blockchain technology, it is likely that we will see more innovative and groundbreaking applications of this technology in the years to come..
