Google in The Works to Develop a Blockchain-Based Tech – What A Turnaround

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Google in The Works to Develop a Blockchain-Based Tech – What A Turnaround
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There has been a lot of activities going on in the blockchain industry. On March 14, Google reported, through their advertising policies, that they will be banning cryptocurrencies and all related content on Google Adwords. As such, crypto advertisers who run their ads on Adwords started experiencing a sudden drop in the number of people viewing those ads. The ban, however, will take effect in June 2018. On March 22, Google cited that it is working on two separate blockchains, with an aim to improve data transparency.

The blockchain fever

It seems that organizations, including banks and internet giants, cannot stay away from the blockchain technology, despite spreading the FUD. The blockchain technology and cryptocurrencies, in general, are here to stay. After Google announced the ban on all crypto related content on Google Adwords, the price of Bitcoin and altcoins plummeted, where the market suffered in a big way. Even with all that, Google is still looking into the blockchain technology to see how it can improve its data transparency with the tamper-proof blockchain projects.

The two separate blockchains

The launch date for the two separate blockchains is yet to be known; it could be this year or 2019. According to the company, one of the blockchains will be used to store the first signatures of the data recorded in the blockchain, while the second one will be used to store data that has already been verified by the first signatures. In short, it is a tamper-proof ledger that helps to make sure data recorded in that ledger is not altered in any way. The second blockchain is basically for Google’s cloud platform.

The recent ban on crypto ads

Facebook took to the news, at the beginning of 2017, to announce the ban on crypto related ads, on its platform. This was a major blow to the already declining cryptocurrency market, at the time. Last week, there were rumors that Twitter would follow and declare a similar ban on cryptocurrencies. They all claimed the need to protect the consumer since cryptocurrencies have caused enough ‘harm’ and are unregulated. Facebook and Google could be planning to launch their own cryptocurrencies in future, despite the move to ban crypto ads on their respective platforms.

The conflict of interest

Google is already looking to launch two blockchain projects, sooner or later. Whatever the timeframe, there is a conflict of interest when the ban on all crypto related content comes to pass, in June. Cryptocurrencies are a big part of the blockchain technology, and by banning the former, it means that they will be banning ads for their two blockchain technologies, in future. It is not yet clear how they plan to go around this.

What to expect

This week, a report on Cambridge Analytica’s access to personal data of about 50 million Facebook users went viral. This placed the social media giant’s credibility at risk, as that data was purported to have been used in misleading voters across the globe, including the last years US election. The blockchain technology could be the solution to their woes, when it comes to data privacy and transparency. We could see Facebook taking the same route as Google is, in terms of adopting blockchain in a big way.

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