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Google Co-Founder Admits to Missing Out on Blockchain

Stockhouse Editorial
1 Comment| July 13, 2018

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Google has entrenched itself so deeply in our lives that it serves as both a noun and verb. It is altering the makeup of our minds as it grows its own , but it may have missed out in capturing a share of the latest trend - blockchain.

That comes straight from the president of its parent company Alphabet, Sergei Brin. The Google co-founder was speaking at Richard Branson’s blockchain summit in Morocco last weekend, joined on a panel with researchers.

“We probably already failed to be on the bleeding edge,” he said, as reported by CNBC and other media. Though the first hype train has left the station, Google isn’t going to miss the ride. The Google billionaire teased “secret blockchain projects” to come from it’s research and development facility Google X.

“I see the future as taking these kind of research-y kind of out-there ideas and making them real — and Google X is kind of like that.”

Brin explained that Google became successful by taking emerging technologies like search engines and web mail to the next level, which is where he now sees cryptocurrencies going.

Few details are known about the stealthy operations happening within Google X. Bloomberg reported in March 2018 that Google had been acquiring and investing in startups with digital ledger expertise, though details hadn’t been announced. Alphabet was also a leading investor in that field in 2017. Since 2016, Google had been researching blockchain technology for cloud computing and also looked at technology from the Hyperledger consortium for its ledger.

Click to enlargeThe internet giant has had an on-again / off-again relationship with cryptos and blockchain. Nearly four months ago, it banned all crypto-related promotional content from its platforms. The CEO behind crypto investment firm Blackmore Group, Philip Nunn spoke to The Independent about it, calling it a hypocritical move on Google’s part and suggested that there was an ulterior motive behind the ban.

Google has always had near-clairvoyant judgment at predicting which digital trends will make it big. Some of its most significant acquisitions in recent years include: Android software, Youtube, Boston Dynamics and DeepMind Technologies.

Concepts such as the consensus algorithm proof of work ( PoW ) and the anonymity around zero-knowledge proofs behind altcoins are “mind-boggling” to him. A number of start-ups are also challenging Google at its own game. The web browser Brave uses blockchain technology to pay websites when they are visited, rather than run targeted ads.

As far as competition from tech giants, IBM has been funding a joint venture called Graph Blockchain , which specializes in big retail data, data transfer security and artificial intelligence.

Meanwhile, Microsoft is working on a platform with the Decentralized Identity Foundation that will use blockchain technology to store and process digital identity data to use in decentralized systems. It is in the process of testing the platform through its Authenticator App.

White getting in early and cheap has been its usual signature move, perhaps Google didn’t see the interactive value of blockchain right away. Interactive value is something it prides even more than the dollar value of its hardware and blockchain’s detailed ledger system fits right in.

Independent firm WinterGreen Research estimates that “The global market for blockchain is anticipated to reach $60.7 billion in 2024. IBM and Microsoft are driving blockchain as their clients are making the transition to cloud services.”

Brin also admitted to having limited knowledge of cryptocurrencies, but noted that he is learning about it as he mines Ether with his 10-year old son on a gaming PC and found the technology behind it “fascinating”. Mind blown again.

It will be interesting to see what comes out from behind the secretive doors of Google X.



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Comments

Wow. IBM- $150.00/share Google/Alphabet- $1,200.00/sh are Microsoft- $105.00/share Graph Blockchain/Datametrex- 7 f*cking cents/share Upside much?!
(0)
July 17, 2018

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