Google Cloud forms a Web3 unit to leverage the crypto popularity

TL;DR Breakdown
  • Google cloud is eager to create services for developers operating blockchain apps.
  • James Tromans, a former Citigroup executive, will manage the new Google team.

Google’s cloud unit is launching a team to create services for developers operating blockchain apps. The move is part of its effort to capitalize on the growing popularity of crypto and related initiatives.

According to Amit Zavery, a vice president at Google Cloud, the goal is to render the Google Cloud System the first option for developers. He wrote:

While the world is still catching up to Web3, it is a sector that is so far demonstrating enormous potential. A number of our clients have requested that we upgrade our Web3 and cryptography-related technology.

Web3 pioneers have developed a collection of decentralized and peer-to-peer mechanisms. They have a conviction that they will become the internet’s future generation. It’s a worldview that questions the existing state of the internet, which is dominated by big brands like Amazon, Google, and Meta Platforms.

Rush for the customer base

Google is competing for a customer base in cloud infrastructure with Alibaba, Amazon, and Microsoft. Thus, it wants to offer back-end services to developers interested in creating their Web3 apps.

In a recent interview, Zavery said:

We’re not seeking to be part of that cryptocurrency tsunami directly. We provide solutions for firms to use and enjoy Web3’s decentralized nature in their current enterprises.

Zavery, formerly an Oracle executive, joined Google’s cloud division in 2019. Months after, Thomas Kurian, Oracle’s VP of product design, became the firm’s next cloud chief.

Google is taking the next step in showing its devotion to the industry by forming an in-house unit for Web3 products. Following the emergence of NFTs, Google’s cloud unit announced plans for a Virtual Assets Unit to work with clients in January. The company stated that it was investigating how clients may pay using bitcoins.

According to Zavery, Google might develop a framework that other entities could use. The move is to make blockchain data more accessible to the public. Besides, it tends to ease creating and running of blockchain servers for verifying and logging activities. He also mentioned that Google’s tools are compatible with other computer platforms, such as Amazon Web Services.

As investors have shied away from riskier assets, interest in bitcoin has dwindled this year. Bitcoin was down 21% in 2022 as of late Thursday.

Yet, blockchain techs are making their way into the public. They are becoming more useful in banking systems and retail, according to Zavery.

Other brands are keen on Web3 infrastructure

On a March conference call with analysts, Nike CEO John Donahoe said that Nike intends to develop Web3 services and technologies.

Warner Music Group has expressed an interest as well. On the firm’s first-quarter earnings call, CEO Steve Cooper remarked. “From collectibles to music royalties, Web3 represents an exciting future for the music sector. It will help our artists reach millions of new fans in fresh and inventive ways.”

The product and engineering group will be led by James Tromans, who joined Google in 2019. He will report to Zavery. According to Zavery, the group would draw up experts who have been active in Web3 on a sporadic basis both within the entity and independently.

In cloud computing, Google lags behind Amazon and Microsoft. Yet, the market is expanding faster than its primary advertising business. According to Alphabet CFO Ruth Porat, the cloud segment is having the fastest rise in headcount.

Cloud technology and blockchain may have one thing in common. Both are rapidly growing enterprises with the ability to transform their respective sectors.

Both sectors might enjoy this game-changing invention. Integration of Web3 technology with the cloud computing business is ideal. It could become one of the most critical forces of the cloud computing era.

When combining cloud computing and Web3 technology, you handle the fundamental challenge of security and privacy. By establishing a decentralized trust paradigm, blockchain helps to increase transparency.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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