Google Cloud continues to advance its blockchain initiatives with the recent announcement detailing its new platform – Google Cloud Universal Ledger.
What is Universal Ledger?
According to Rich Widmann, head of Web3 strategy at Google Cloud, Universal Ledger is the result of years of R&D within the company. The blockchain is designed to be credibly neutral and compatible with Python-based smart contracts. Widmann highlighted that the primary focus of Universal Ledger is to create an open infrastructure for financial institutions that could be utilized by various companies regardless of their existing technologies.
Collaboration with CME Group
Google Cloud is currently working with the Chicago Mercantile Exchange (CME) to test Universal Ledger. In March, the companies announced a pilot aimed at testing tokenized asset settlement and wholesale payment systems. Full market participant trials are scheduled to begin in 2026. CME chairman Terry Duffy noted that Universal Ledger could significantly improve settlement and fee payment efficiency in a growing 24/7 trading environment.
Competition in the Blockchain Market
The announcement of Universal Ledger comes amid activity from other companies in creating their own blockchains. For instance, Circle recently unveiled the Arc blockchain, while Stripe is developing a project codenamed Tempo. Widmann stated that Google plans to make Universal Ledger a planet-scale blockchain capable of serving billions of users with bank-grade functionality, which could give it an edge in the market.
The development of Universal Ledger suggests the establishment of new standards in blockchain technology for financial institutions, which could have significant implications for the industry as a whole.
