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Google is working to launch its own on blockchain aiming to support its cloud business and avert the competition from other startups which use the blockchain technology to operate in the online environment. According to Bloomberg, Google’s advertising chief, Sridhar Ramaswamy, explained that his division has a “small team” which is studying the blockchain technology. He also pointed out that the existing technology cannot handle many transactions fast. Ramaswamy added that in the past Google was paying attention to various startups that launched several blockchain projects and concluded that now is the moment for Google to start working to launch its own blockchain.
As reported in Bloomberg, Google’s insiders said that they are looking for the best possible way to apply the blockchain technology by exploring new ways on how to use it online. Google has already invested in blockchain startups such as Sorj Labs, Blockchain, Ripple, LedgerX, Buttercoin and Veem. Therefore, Google has been already building a framework around this new technology. Furthermore, a Google spokesman stated, “like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans.”
Google is striving to avoid harmful activities too by banning crypto related ads. Specifically, Scott Spencer, Google’s sustainable ads director, asserted that “We’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Apart from having the necessary infrastructures which will permit Google to release its own blockchain technology, the search engine giant focuses on monitoring the activities of this technology by “regulating” the information dissemination and developing a future protocol to avoid cybercrime.
It should be mentioned that several marketing companies have already entered to the blockchain world and are exploring opportunities to integrate digital ad buying, but they tend to leave out the two leading companies, Google and Facebook Inc.
There is no doubt that the opportunities of the blockchain technology are not known yet, but this technology seems to have a huge potential. Note that based on this technology, they have been released new and innovative products.
It is not known yet, whether the blockchain technology will last or not. According to Business Insider, the cryptocurrency market value exceeded $700 billion. This shows that blockchain seems to be the fastest growing technology in the world.
Technical analysis of the most popular cryptos
BTCUSD 4H
On the 4H time frame, BTCUSD moves down, in accordance with the Ichimoku system. The price may probably head below and out of the cloud, having the potential to break the Tekan Sen and Kijun Sen lines. In case the Chikou span goes below the price too, we could probably look for a potential bear signal.
ETHUSD 4H
Based on the Ichimoku system, it could be noticed that the price appears to be below and out of the cloud. Moreover, the cloud is aggressively down. All the lines seem to be in bear formation, except for the Chikou span which is in the price. In case the Chikou span heads below the price, we might consider finding developing bear signals.
LTCUSD 4H
Based on the Ichimoku system, it could be perceived that we have the same bearish picture. That is to say, in case the price heads below and out of the cloud, the Kijun Sen and Tekan Sen may be in a bearish formation, and if the Chikou Span finds it way below the price, we might consider looking for developing bear signals.
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts.
Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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