Google Cloud has announced the development of a specialized Blockchain network called Universal Ledger targeting the financial sector in a private testing phase.
GCUL's Ambitious Targets
GCUL, according to Rich Widmann, Head of Web3 Strategy at Google Cloud, is designed as a high-performance, neutral Blockchain network supporting Python-based smart contracts. The network aims to provide a reliable infrastructure layer available for all financial institutions and addresses trust issues among companies like Tether regarding Circle's network.
Collaboration with CME Group
Google Cloud first announced the project in March in partnership with CME Group, a leading derivatives exchange. CME Group has begun developing mass payment and asset tokenization solutions on GCUL, highlighting Google's intention to establish a robust institutional framework for the project.
Future and Opportunities of the Technology
Details regarding the widespread adoption of GCUL by financial institutions and the timeline for its public testing phase remain unspecified. However, Widmann noted that more information will be revealed in the coming months. Google Cloud aims to position itself within cryptocurrency payment systems by building its Blockchain infrastructure, going beyond just Web3 integration.
Google Cloud is actively developing its Blockchain platform with ambitious goals in the financial sector, which may affect the cryptocurrency and financial services market as a whole.
