US tech giant Alphabet (GOOGL.US) has begun exploring blockchain technology and its potential in the context of developing a technology known as Web 3.0. Sundara Pichai, CEO of Alphabet i.e. Google's parent company conveyed yesterday that the company is currently exploring the integration of blockchain technology into its flagship services and products.
When asked in an interview about how Google views 'Web 3.0', Pichai said that there are several areas of focus that the company is looking into. In doing so, he pointed to augmented reality (AR) which we can connect to the recently popular Metaverse trend, and research into using blockchain to power computing engines and delivered services such as Google Maps or the YouTube platform.
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Create account Try a demo Download mobile app Download mobile appIt is worth mentioning that so far these are the first reports from Alphabet regarding the use of 'DeFi' decentralised finance. Other well-known giants of the IT sector from Silicon Valley have so far been much more interested and active than Google in researching Web 3.0 technology. We are of course talking about Twitter, Microsoft or Meta Platforms, which have recently revealed plans for cryptocurrency-based services. Additionally, Cointelegraph reported that cryptocurrency Polygon has teamed up with co-founder Reddit to launch Web 3.0 games, worth nearly $200 million. Twitter, for its part, has plans to integrate digital currencies into a service that offers tips to Twitter content creators. Meta Platforms had similar plans to Twitter for its own 'Diem' project, but it was ultimately suspended.
So far, Google has been watching the trend from the sidelines, but a statement from the company's CEO leads investors to believe that despite the price slide in the cryptocurrency market, blockchain technology still has a wide range of applications that tech giants are interested in. At the same time, making cryptocurrency payments available through companies such as Google and Twitter could accelerate cryptocurrency adoption, potentially driving prices higher. In the meantime, however, the positive news from Google did not provide enough fuel for growth; nor did it manage to halt the declines in the cryptocurrency market. Bitcoin has settled back below the $37,000 level.
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