Google Has Opened a Blockchain Division to Embrace Web3
Colin Smith — January 24, 2022 — Tech
References: experiments.withgoogle & pymnts
Google has announced that it has opened a new division within its company named 'Google Labs' which will focus on blockchain, web3, and next-gen computing technologies. This change showcases Google's intent to begin embracing cryptocurrencies and the blockchain as a whole, which is a flip for the company as it has previously upheld a ban on cryptocurrency advertising on its platform over the past several years.
In order to process cryptocurrency transactions, Google is teaming up with the Coinbase exchange processor BitPay. This will allow users to pay with crypto on their digital cards. While the exact mission statement of Google Labs is open-ended in nature, the acceptance of cryptocurrency and subsequently, the lift of the advertising ban on NFTs, signal that the corporation is moving towards the metaverse. This is due to the nature of many metaverse-based applications using cryptocurrency and NFTs as a basis for marking digital ownership and logging decentralized digital transactions.
Image Credit: Shutterstock
In order to process cryptocurrency transactions, Google is teaming up with the Coinbase exchange processor BitPay. This will allow users to pay with crypto on their digital cards. While the exact mission statement of Google Labs is open-ended in nature, the acceptance of cryptocurrency and subsequently, the lift of the advertising ban on NFTs, signal that the corporation is moving towards the metaverse. This is due to the nature of many metaverse-based applications using cryptocurrency and NFTs as a basis for marking digital ownership and logging decentralized digital transactions.
Image Credit: Shutterstock
Trend Themes
1. Embracing Blockchain - Google's new focus on blockchain and web3 technologies offers opportunities for disruptive innovation in the finance and tech industries.
2. Cryptocurrency Payments - Google's partnership with BitPay to process cryptocurrency transactions suggests opportunities for disruptive innovation in the payment processing and financial technology industries.
3. NFT Market Expansion - Google's lifting of the advertising ban on NFTs signals opportunities for disruptive innovation in the art and collectibles market, as well as for digital marketers who could use NFTs for advertising purposes.
Industry Implications
1. Finance - Blockchain technology and cryptocurrency payments are disrupting the traditional financial services industry, leading to opportunities for innovation in areas like digital asset management, cross-border payments, and decentralized finance (DeFi).
2. Technology - Google's move to embrace blockchain and web3 technologies could transform the tech industry, leading to opportunities in areas such as decentralized applications, smart contracts, and data privacy/security.
3. Art & Collectibles - The lifting of Google's ban on NFT advertising could lead to disruptive innovation in the art and collectibles industry, as well as for digital marketers who could use NFTs for advertising purposes.
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