Google Cloud is creating its own network called Google Cloud Universal Ledger (hereinafter the Network) for the financial sector. This was reported by Rich Widmann, head of web3 strategy at the company.
According to him, the network will offer corporate users an 'effective and reliable' blockchain platform that allows the use of smart contracts based on Python.
In addition to Google's reach, the network represents a neutral infrastructure layer. Tether will not use the Circle blockchain, and Adyen is likely not to use the Stripe blockchain. However, any financial institution can use Google Cloud Universal Ledger, as Widmann wrote in his LinkedIn post.
Google Cloud officially describes its blockchain as a new service for the financial market, available through a single API and programmed for automating payments and managing digital assets. The company also stated that the network was developed with regulatory requirements in mind and will operate as a private system with restricted access.
Currently, the blockchain is in a private test network. Information on when it will be available to all users has not yet been disclosed.
Despite Widmann calling Google Cloud Universal Ledger a layer one network, the closed and private nature of Google's Cloud future blockchain has raised skepticism in the community. Some argue that it should not be mistakenly labeled as a decentralized blockchain.