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What happened?
Google Cloud is developing its own Layer-1 blockchain platform called the Google Cloud Universal Ledger (GCUL). The system aims to support financial institutions with tokenized assets, settlements, and smart contracts based on Python. Currently, it’s in a private testnet phase and was initially revealed through a joint pilot with CME Group.
Who does this affect?
The development of GCUL primarily affects financial institutions that are looking to adopt blockchain technology for payments and asset tokenization. Companies like Circle and Stripe, which are also developing their own blockchain solutions, will see Google as a new competitor in this space. Additionally, tech giants such as Amazon and Microsoft could potentially become involved in the future.
Why does this matter?
Google’s foray into developing its own blockchain platform could significantly impact the market by introducing a neutral infrastructure layer for global finance. As blockchain-based settlements and asset tokenization gain traction, major banks and corporations might be more inclined to adopt these technologies. CME Group’s pilot of the system is seen as an early endorsement that could validate and accelerate Google’s push into this sector.
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