Google Cloud has announced the launch of a new blockchain platform called Universal Ledger (GCUL), aimed at large financial institutions. This platform utilizes Python-based smart contracts and promises to bring new opportunities to fintech.
Overview of GCUL
GCUL is set to be considered a Layer 1 blockchain, similar to Ethereum or Solana. Its primary feature is the use of Python-based smart contracts, which simplifies the development of financial applications.
Testing and Partnerships
The project was first revealed in March through a joint announcement with CME Group, one of the world's largest commodities exchanges. CME has already completed the first phase of testing and states that GCUL could facilitate 24/7, low-cost settlement of items such as collateral, margin, and fees. Wider testing with market participants is expected later this year, with new services potentially launching in 2026.
Comparison with Other Blockchains
Widmann also stated that GCUL serves as a neutral infrastructure layer, allowing any financial institution to build with it. Unlike other projects like Circle's Arc or Stripe's Tempo, which aim to create blockchains for specific market needs, GCUL offers a more universal approach, leveraging Google's global scale and strong institutional partnerships.
The launch of Google Cloud Universal Ledger may reshape the approach to blockchain technologies in the financial sector, providing a new neutral infrastructure for conducting operations.
