Google Cloud has announced its new financial technology platform called Google Cloud Universal Ledger (GCUL), aimed at speeding up and reducing the cost of global payments.
Overview of GCUL
GCUL is a Layer 1 blockchain developed for financial institutions. It supports Python-based smart contracts and is designed for banks, payment companies, and intermediaries looking to modernize their services. The platform offers ease of use through a single API for multiple currencies, flexibility with scalable smart contracts, and security with permissioned access and KYC verification.
Competition in the Digital Payments Market
Currently, the digital payments market is witnessing increased competition as Ripple, Circle, and Stripe are also developing their blockchain solutions. Ripple uses XRP for fast remittances, Circle has launched its own Arc blockchain, and Stripe is testing Tempo for developers. Google aims to stand out by providing a neutral and open platform for all financial institutions.
Partnership with CME Group
Google first unveiled GCUL in March alongside CME Group, which is already testing tokenization and wholesale payments on the platform. The first phase of testing has been completed, with broader trials planned for later this year.
If GCUL is successful, it could radically transform the payments market by lowering costs and reducing errors while providing opportunities for 24/7 settlements.
