Google Cloud has launched the Google Cloud Universal Ledger (GCUL), a new blockchain platform designed for financial institutions focusing on neutrality and regulatory compliance.
Overview of GCUL Blockchain
GCUL is a layer-1 blockchain that offers a neutral platform for financial institutions. The platform is being developed with programmability and supports Python smart contracts, making it appealing to developers in the financial sector.
Collaboration with CME Group
The strategic integration of GCUL with CME Group marks a significant step in blockchain adoption within finance. CME Group's Chairman Terry Duffy emphasized that GCUL can facilitate 24/7 trading and settlements, highlighting its potential for improving collateral management, margin processes, and fee payments.
Criticism and Current Status of the Project
Despite the positive aspects, critics point out the closed nature of the current testnet phase and its lack of interoperability with public blockchains. The technological and strategic trajectory of GCUL will be closely monitored in the coming months, especially alongside historical cases like IBM's Hyperledger.
The launch of GCUL reflects the increasing interest in proprietary blockchains among tech firms and offers possibilities for expanding functionalities in the financial sector.
