Google seems to be considering using blockchain services. However, it is not yet clear what exactly these services could look like the Google competitors. If Google plans to go for Blockchain based services, it will help them to progress by leaps and bounds.
Practically forgery-proof and also very effective, these are the promises of blockchain technology. Now, according to a Bloomberg report, Google is planning services based on this technology. In the recent past, Google has made several acquisitions in the digital ledger area. However, apparently not all of them were made public, as the Bloomberg informant explained. Since 2016, Google has been experimenting with blockchain in various services.
Benefits of Blockchain
With a blockchain, assets and transactions are stored in a digital memory, which is not stored in a single database, but in various decentralized databases. Foreign transfers, purchases of expensive goods or protection against counterfeit products could benefit from this. Cryptocurrencies such as Ethereum or Bitcoin are also based on this technology.
However, as promising as this technology is, its use is not yet entirely trivial, even if many start-ups and established companies are working on corresponding solutions. The first providers such as Microsoft or IBM are already offering services for users as part of the Azure or Bluemix cloud offers.
Planning of Google
How exactly the planned Google offer will look is currently unclear. It is also not yet certain whether there will be its own service that will then be made available to users, or whether Google will develop its own blockchain technology.
Our employees are divided in the form of diverse teams who are exploring the potential of blockchain, but it is still too early to talk about possible areas of application or plans, said Google. Google is testing a wide variety of new technologies and developing new products, but not all of them will become a product or survive beta.
With IBM, users can now implement their own projects using the Bluemix service from IBM. IBM also reports numerous user projects that have been implemented on the basis of the offer.
IBM uses the Open Source Hyperledger of the Linux Foundation for its own service.
Google increases cloud sales by more than 43 percent
The cloud division partially compensates for the losses from the advertising business. Its turnover shrinks by 8 percent to less than 30 billion dollars. The net profit even collapses by 30 percent.
The Google parent Alphabet has presented its balance sheet for the second quarter. Although sales and profits shrank significantly in some cases, both categories still exceeded the expectations of analysts.
The company also owes the good result to Google’s cloud division, which absorbed part of the shrinking advertising income.
Revenue shrank 2 percent to $38.3 billion. The operating profit collapsed, however, by 30 percent to 6.4 billion dollars. Net income also deteriorated 30 percent to $6.96 billion or $10.13 per share. Wall Street had forecast a surplus of $8.34 per share and sales of $37.76 billion.
Google’s online advertising business
The most important source of income, Google’s online advertising business, also suffered from the global corona crisis in the second quarter. $29.87 billion is an 8 percent decrease. The cloud division, meanwhile, reported a 43 percent increase in sales to $3 billion. The other sales category, which includes YouTube subscriptions and the Pixel smartphones, also improved by 25.5 percent to $5.1 billion. As a result, Google’s use shrank despite the weak advertising business by only 1.8 percent to 38 billion dollars.
In the second quarter, the total revenue was 38.3 billion US dollars, which can be credited to a gradual improvement in our promotion business, also the strong growth in Google Cloud, commented Google CFO Ruth Porat on the quarterly report. We are continuing to circumnavigate a problematic worldwide monetary atmosphere.
The so-called Other Bets took 148 million dollars, 14 million dollars less than in the same period last year. The shortfall they caused increased by more than $100 million to $1.12 billion