Google Cloud has unveiled its new blockchain, Universal Ledger (GCUL), intended for use by financial institutions. This solution aims to create a competitive infrastructure for handling payments.
Details About Google Cloud Universal Ledger
In a LinkedIn post, Google Cloud's Head of Web3 Strategy Rich Widmann shared details about GCUL, which combines years of research and development by the company. He described the new blockchain as performant and credibly neutral, allowing for Python-based smart contracts. Widmann noted that any financial institution could utilize GCUL, which will serve as a neutral infrastructure layer.
Competition in the Blockchain Market
Google Cloud joins the ranks of companies developing their own blockchains, competing with players like Circle and Stripe. Amid growing regulatory clarity in working with Web3 in the U.S., Google Cloud aims to provide infrastructure for global capital markets. By entering the blockchain payment market, the company seeks to control the backbone of digital finance.
Integration of Python into Smart Contracts
Some financial institutions are already exploring Ethereum's capabilities for developing new financial products. To simplify the development of smart contracts, Google Cloud will offer support for Python, significantly easing the process for most developers. According to a Statista survey, Python ranks as the third most popular programming language, while only 1.1% of respondents prefer Solidity.
With the launch of Google Cloud Universal Ledger, the company aims to advance financial technologies by providing users with the ability to easily integrate smart contracts using Python. At the same time, this lays the groundwork for further competition in the blockchain space.
