Although the news shows us that Google is now beginning to fully embrace blockchain technology, many investors remain surprised about how late they were to properly embrace cryptos. However, this is now changing and, in the past year, Forbes predicts that over 500 projects were created using these tools, covering a range of topics from predicting the price of Bitcoin to measuring wealth disparity among coin holders. Should Google’s search functionality and projects become more sophisticated, they could be accurately used to predict future price trends for cryptocurrencies.
Google currently has almost total control over the internet search domain. However, the company’s recent acceptance of blockchain technology seems to suggest that they are coming to terms with the fact that blockchain and cryptocurrencies could act as disruptors in the space. This, in turn, would mean that the company will face increasing competition from start-up companies.
Although not overt, it does appear as though Google has been doing a lot of work on blockchain in the background as, throughout 2018, they began to buy a number of start-ups who were focusing on digital ledger technology in an attempt to catch competitors such as Microsoft and Amazon. This involved Alphabet’s venture capital arm investing in a number of companies, including financial transactions network Ripple and cryptocurrency asset management platform LedgerX.
The developments of the last 12-months, including Google’s most recent blockchain search announcement, has left analysts asking pertinent questions. Chiefly, is Google playing catch-up with Amazon and Microsoft, or has it already made major inroads?
Now Google has begun to make blockchain technology more of a priority, particularly in terms of acquiring businesses from within the digital technology space, it appears likely that Google will move into this space quickly; particularly when we consider their recent hires focused around blockchain technology.
As 2019 progresses, further acquisitions (potentially on a multibillion-dollar level) seem likely. This would then allow Google to operate at the forefront of the cryptocurrency and blockchain markets, allowing them to stay ahead of disruptors who could challenge their control over big data search.
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source: https://theindependentrepublic.com/google-releases-blockchain-search-tools/
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