Google has a dedicated team looking at blockchain technology and ways to incorporate it within their products and services, says Vice President of Ads and Commerce.
Sridhar Ramaswamy, Google’s most senior advertising executive, confirmed that the they have appointed a small team to look at how the Distributed Ledger Technology (DLT) can be used for their digital products and services.
Speaking at the Advertising Week Europe conference in London, he explained “The promise of blockchain of course is twofold. One is friction-free value transfer, you can think of it as money transfer working at scale with no friction and that can have an amazing effect on society, because it’s hard to move money. It always costs 2ish percent in most Western countries to move money,”
During the Q&A session at AdWeek 2018, he went on to say “I think there is a lot of promise in things like that. Blockchain as a recording technology also has promise. It is super early for us to say whether they are going to become products just yet. We are actively looking at it. We don’t have really any product announcements to make on this front.”
Earlier this week, The Guardian newspaper, demand-side platform Avocet and ad tech company Sonobi had it’s first successful deployment of an advertising campaign using blockchain ‘smart contract’ technology.
With the advertising industry turning it’s attention to BCTech, they are eager to understand how the internet giant Google will use it. However, when questioned Ramaswamy said
“This is a research topic, so I don’t have anything super-definitive to say. We have a small team that is looking at it. The core blockchain technology is not something that is super-scalable in terms of the sheer number of transactions it can run,”
According to a report released in October 2017 by research firm CB Insights. Google’s parent company Alphabet is one of the most active investors in blockchain companies. It has investments in the Blockchain company itself, as well as in Ripple, a company that is working on money transfers using blockchain technology and many others.
When Alphabet wants to keep up with emerging technology, it often backs startups in the field and makes small acquisitions to recruit talent.
GV, Alphabet’s venture capital arm, have already accumulated a long list of investments in business within this new field.