According to people familiar with the situation, Alphabet Inc., Google’s parent company, is developing its own blockchain-based distributed digital ledger that third parties can use to post and verify transactions. Several people in Google’s infrastructure group, which reports clouding chief Diane Greene, have been working with blockchain protocols in recent months, according to another person familiar with the company. Other Google insiders have recently pointed out that the cloud business is a natural place for blockchain-related services.
It’s certainly not a surprise Google is interested: the market for blockchain products and services is expected to grow from $706 million last year to more than $60 billion in 2024, according to WinterGreen Research.
As of late, the internet giant has been acquiring and investing in startups with digital ledger expertise. Many of these deals haven’t been announced, the sources noted. Still, Alphabet was a leading corporate investor in the field last year, ahead of Bank of America, Citigroup Inc., and Goldman Sachs Group Inc., according to research firm CB Insights.