Google’s interest in cryptocurrency has created a lot of buzz in the digital currency market. Bitcoin, which was once seen as an alternative payment option, is now gaining acceptance from mainstream companies like Paypal, Square, and Tesla. The search giant’s decision to invest in cryptocurrency is undoubtedly a game-changer that is expected to impact the cryptocurrency ecosystem.
In 2019, Google made a significant move by hiring a team of blockchain experts to help develop new products around blockchain technology. The company also walked back its previous stance against cryptocurrency by allowing crypto-based advertising on its platform. Since then, Google has taken many steps in the direction of cryptocurrencies.
One highlight is Google’s new partnership with Chainlink, a blockchain-based middleware platform that can feed data into smart contracts. Smart contracts are essential components of blockchain technology that allow users to exchange money or assets without the need for a middleman. Chainlink’s application programming interfaces (APIs) allow blockchain developers to access external organizations data to mitigate risk.
Google’s decision to partner with Chainlink illustrates how much cryptocurrency is gaining momentum in the tech industry. Google Cloud’s developer advocate, Allen Day, praised Chainlink’s quality and security in a recent blog post, highlighting how developing blockchain products based on Chainlink smart contracts is a “no-brainer.”
Google’s growing interest in cryptocurrencies has also put pressure on other tech giants to join the bandwagon. Facebook launched its cryptocurrency, Libra, in June 2019, but it got held up due to regulatory concerns. Similarly, Amazon has recently announced that it is looking at cryptocurrencies as a possible payment option for its customers. This implies that cryptocurrencies are becoming more mainstream, and the industry’s grow is accelerating.
In conclusion, Google’s investment in cryptocurrencies is a game-changer that signals cryptocurrencies are gaining more acceptance and credibility. The company’s partnership with Chainlink indicates Google’s growing interest in blockchain technology, reinforces the significance of cryptocurrencies, and establishes it as a crucial component of the tech industry’s future.
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