Google Cloud has announced the development of Universal Ledger, a new Layer 1 blockchain aimed at changing the approach to institutional payments and settlements.
Innovative Universal Ledger Platform
Google Cloud has announced the launch of a new blockchain, Universal Ledger, which aims to create a neutral infrastructure for institutional payments. This project is led by Rich Widmann, head of Web3 strategy. Widmann stated, "GCUL will support Python-based smart contracts and serve as neutral infrastructure that any financial institution can utilize."
Partnership with CME Group
CME Group, a key partner in the project, has successfully completed initial trials and plans to expand participation by 2025. This partnership emphasizes the significance of Universal Ledger in standardizing settlement systems and increasing accessibility for financial organizations.
Potential Impact on Financial Systems
The pilot version of the blockchain has generated interest in various financial sectors, promising more efficient methods for processing payments and asset settlements. Experts believe that if successful, Universal Ledger could challenge existing settlement systems. The use of Python for smart contracts lowers entry barriers, which could affect other blockchains like Ethereum.
With the launch of Universal Ledger, Google Cloud is taking an ambitious approach to integrating blockchain technologies into the financial sector, which could influence the future of institutional payments.
