Google eyeing Web3 and blockchain tech

TL;DR Breakdown

The internet has been nothing short of a revolution. But innovation in tech is rather inevitable, many might argue. 

Web3 is tech’s hottest buzzword, but it is still incredibly nascent. Many tech evangelists are currently using this term to invoke the next phase of the internet. The concept revolves around the use of blockchain, cryptocurrencies, DOAs, and NFTs in cohesion to allow people more decentralization, control, and more authority over their actions on the internet. The metaverse also comes under the umbrella term of Web3 using augmented reality and virtual reality to create a digital world on top of the existing one. 

With metaverse being the latest Web3 wave, Silicon Valley rivals are gearing up to become frontrunners in this revolution. Facebook even changed its name to Meta, revealing that the company is all set for the next phase of the internet. Microsoft is also aiming for progress in the metaverse.

Google does not plan to fall behind in this race either. This was confirmed by Alphabet’s CEO, Sundar Pichai, who recently revealed the company’s blockchain strategies, particularly in relation to advancements in the space of Web3.

Google’s take on Web3

The world’s most powerful search engine, Google, recently held its Q4 earnings call to discuss financials. During this, he expressed his views on the advent of Web3. 

Pichai revealed that he is very excited for the next era of the web, particularly the innovations in the space and the opportunities it holds. In relation to Alphabet’s outlook on Web3, he pointed out that they are looking at how to adapt and contribute to shaping the Web3 ecosystem. 

“On Web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications, so much broader, again, than anyone application,” he added.

With augmented and virtual reality also gathering steam in the sector, Sundar Pichai reported the company is very interested in the potential of AR and has been investing in the space for a while now. 

“AR is a big one. We’ve been investing there for a long time and will continue to play a role,” Google’s CEO stressed, saying that the company is planning to add Maps, Youtube, Google Meet, etc., into virtual worlds going forward. 

Google Cloud investing in blockchain expertise

Google is also planning on building its blockchain expertise, bringing aboard employees with experience and knowledge about the space. The company’s cloud division recently announced its interest in exploring blockchain applications recently.

Richard Widmann, the head of the strategy for digital assets at Google’s cloud unit, said the cloud group is planning to hire slews of blockchain experts to drive decentralization. 

As of now, the Google cloud service already offers tools to developers for building blockchain networks. Among its customers are big blockchain firms like Dapper Labs, Hedera, Thera Labs, along with a few other crypto exchanges. Moreover, the Google Cloud Platform is also integrated with Polygon, enabling developers to analyze data on-chain on the blockchain more quickly.

The executive further revealed that the company is now thinking about what blockchain services it can offer directly to developers.

Thomas Kurian, Google’s cloud CEO, has said that healthcare, retail along three other industries have been identified as potential target areas. 

In the case of success, Google could diversify further, focusing on computing and storage services provided by remote third-party data centers instead of primarily depending on advertising.

How does this affect the future of Web3?

Google has been a consistent pioneer in advancements in the tech space. With Web3 being new and hottest in the line of future technological developments, the company has put forward a positive stance in relation to it. It is no surprise that it wants to explore the wide scope of potential and opportunities in this relatively untapped space. 

With the vast resources and visionary leadership that Google possesses, it stands to reason that the tech giant’s involvement in the Web3 space will be a game-changer. With Google also spearheading this internet revolution, we may get the next phase of the internet even quicker than anticipated. This could include better products and services.