Google Cloud to Use Ethereum Blockchain and Chainlink Smart Contracts
The company published yesterday June 13 the details of its new project, which it describes as a "hybrid" between blockchain technologies and its Google Cloud products. The platform allows other applications to retrieve large amounts of data stored in the cloud. Using Chainlink's smart contract and Ethereum's nodes, users can access and authenticate information registered in Google's BigQuery cloud.
Developers believe this type of system will help predict markets. That is to say, in the speculation of future events in the blockchain, Internet or other platforms. According to the Google Cloud team, the cloud stores large amounts of information that the Ethereum blockchain could process, thus answering questions of high complexity.
Google's platform also plans to offer risk coverage on the blockchain. In the press release, it was suggested that developers could create financial tools that store gas from the blockchain. In this way, they prevent users from losing liquidity due to the sporadic increase in this rate. They also believe that the network could reduce the exposure and centralized power of miners, allowing customers to mobilize their data more efficiently.
Chainlink's Rise
The news has favored the Chainlink market, although its appreciation could be overvalued. In the evening Chainlink's token, LINK, had managed to gain up to 58%. However, the price has fallen and is currently trading at $1.65 per unit, representing an increase of 33% at the time this note is made.
The increase is due to users and the media, considering that Google had partnered with Chainlink to carry out this platform. However, no partnership has been agreed with Chainlink. As if that wasn't enough, this is not the first time that Google supports a blockchain, as its analysis tool already stores and compares data from Bitcoin Cash, Dogecoin, Ethereum, among others.
The economist Alex Kruger pointed out that this new system is a product entirely developed by Google Cloud, no matter how much it has been built on Ethereum and Chainlink. Also, the software engineer, identified as Graham, commented that Google could continue developing this and other projects of this type in other blockchains if desired.
Although last year Google had shown a face that did not favor cryptocurrencies, in parallel, it has been experimenting with blockchain technologies. For example, in February of this year, it added a total of six cryptoactives to its BigQuery analysis tool to compare its markets and ecosystems.