Google working on its own blockchain technology

NEW YORK: Google is working on blockchain-related technology to support its cloud business and head off competition from emerging startups that use the heavily-hyped technology to operate online in new ways, according to people familiar with the situation.

Companies use blockchain and other so-called digital ledgers to securely record transactions and process other data over the internet — a service Google could use, for example, to reassure customers that their information is protected when stored on the giant network of computer servers that power its cloud services.

The Alphabet Inc unit is developing its own distributed digital ledger that third parties can use to post and verify transactions, one of the people said. Although the timing of any product release is unclear, the company plans to offer this to differentiate its cloud service from rivals.