$1.5 billion from Alphabet in the Blockchain space in 9 months

Alphabet Injects Over $1 Billion Into Blockchain Technology

  • Blockchain and its growth
  • Alphabet launches into blockchain technology
  • Google’s businesses in blockchain technology
  • Blockchain attracting companies from various sectors

Blockchain and its growth

Credits: Commercial Standard

A blockchain is a shared distributed database or ledger between nodes in the computer network. The best-known use of blockchain technology is solely to keep a secure, decentralized record of transactions in cryptocurrency systems like Bitcoin.

The evolution of Blockchain technology has been happening since the early 2010s when the use of Bitcoin cryptocurrency came into the picture. Blockchain has gained momentum, attracting more and more investors as well as businesses, to enter the field. According to reports, Blockchain technology is believed to have attracted many different companies into different projects in the field, even when it is still in an evolving phase.

Alphabet launches into Blockchain technology

Alphabet, which also happens to be the parent company of Google, then ventured into Blockchain technology. It was discovered that the tech giant invested around $1.5 billion in the space of nine months. The valuation of the investments is said to be the highest among the listed companies entering the sector. In second place is Blackrock which has invested around $1.2 billion. Many companies such as Morgan Stanley, Samsung, Goldman Sachs are vying for the highest investments in the industry.

Google’s adventures in the blockchain world

As more customers continue to use disintermediated peer-to-peer transactions, Alphabet, Google’s parent company, has entered the blockchain space with multiple efforts in recent years.

When blockchain started gaining popularity, Google took a rather cautious approach to the industry. But as the industry grew, Google continued to earn trust in the field and ventured into multiple contracts and roles.

Alphabet CEO Sundar Pichai said, “We are definitely looking at blockchain; it is such an interesting and powerful technology with wide applications.

Blockchain attracts companies

Even after a disastrous market crash that occurred in May, the blockchain field remained consistent in attracting new industries. Since the projections point to a positive future for blockchain development, many investors, giant corporations are willing to take the risk and enter the market and experiment with the technology.

A surprising report by Finbold revealed that, investments made in the blockchain space until August 2022, were higher than the entire calendar year 2021, which explains very well how the blockchain space is attracting new businesses. .

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