Google is reportedly getting into the blockchain game, zeroing in on an application to support its cloud business, sources familiar with the matter told Bloomberg.
The Alphabet subsidiary is trying to build its own distributed digital ledger on its cloud platform that cloud customers can use for posting and verifying transactions. It is also planning to release a "white-label version" other companies can run on their own servers, according to Bloomberg.
Blockchain is the backbone technology that powers bitcoin and other cryptocurrencies. Its decentralized nature promises extra layers of security and eliminates the need for a third party intermediary. Many companies and startups have been working to develop various blockchain applications across all industries, including healthcare.
A Google spokesperson told CNBC that the company had "individuals in various teams exploring potential uses of blockchain but it's way too early for us to speculate about any possible uses or plans."
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