Google has struck a deal with the US Department of Justice after losing data related to BTC-e, a crypto-exchange investigated and shut down by the FBI for alleged money laundering in 2017.
In addition, Google is also launching a new service in the blockchain world related to Ethereum nodes to help developers create new applications in Web3.
But let’s go in order
Google and the settlement with the US Department of Justice on the crypto-exchange
Google has agreed to settle with the US Department of Justice over the BTC-e crypto-exchange case, for which it was asked to hand over data in its possession.
According to reports, in 2016, the FBI was investigating BTC-e for alleged money laundering and served a search warrant on Google, which was supposed to turn over data on the crypto exchange.
Unfortunately, because of Google’s optimization algorithms, which moved data around the world, the company was unable to clearly define what information it was required to give.
It was not until 2018 that Google reportedly signed a letter praising the passage of the law for clarifying the company’s obligations. At that point, however, the data initially requested by the Justice Department was lost.
A complication that, however, did not stop the FBI from shutting down the crypto-exchange for criminal purposes, but one that had lingered with the tech giant.
Google: the crypto-exchange case to improve its program
In order to settle, Google had to declare that it will ensure timely and complete responses to legal processes such as subpoenas and search warrants.
Not only that, the company also stated that it is taking numerous measures so that it can avoid such legal complications in the future.
While Google later told the court that it has spent more than $90 million in resources, systems and personnel just to implement improvements to its legal process compliance program, the US Department of Justice said:
“This agreement demonstrates the Department’s resolve in ensuring that technology companies, such as Google, provide prompt and complete responses to legal process to ensure public safety and bring offenders to justice.”
Google launches “Blockchain Node Engine” for Ethereum devs
A new Web3 project devised by the Mountain View company.
Google today announced the launch of a new project, called ” Google Cloud’s Blockchain Node Engine,” designed for developers using Ethereum who want to create products dedicated to the Web3 industry.
Specifically, this Blockchain Node Engine is nothing more than a node hosting service that aims to “minimize the need for operations on the nodes” themselves.
Indeed, companies operating in Web3 need dedicated nodes to do transactions, implement smart contracts and read or write blockchain data with reliability, and this will now be possible thanks to this new Google Cloud feature.
At the time of the launch of this service, Ethereum will be the only blockchain supported by the Blockchain Node Engine, but the blog post published today by the company hints that other networks may soon be added.
The benefits of Google Cloud’s Blockchain Node Engine
Managing a node is a time-consuming process that involves several procedures such as installing an Ethereum client (e.g., geth) and waiting for the node to synchronize with the entire blockchain, which can take days.
However, as explained in the post, Google Cloud’s Blockchain Node Engine can make this process faster and easier, allowing developers to deploy a new node in a single operation, while also specifying the desired network, i.e., whether to use the mainnet or the testnet.
Another benefit is related to security to prevent unauthorized access to nodes and DDoS attacks.
Google Cloud always monitors nodes and restarts them during outages if necessary.
Accepting cryptocurrency payments in 2023
Recently, news was leaked that Google will begin accepting cryptocurrency payments for its cloud services through a partnership with Coinbase.
Starting in 2023, all customers of Google’s cloud services will be able to use crypto, calculating that some of them are already crypto companies.
The new integration will be possible thanks to Coinbase Commerce’s solution which adds crypto payments on websites.
Source: https://en.cryptonomist.ch/2022/10/28/google-latest-news-crypto-world/