Google Cloud is developing its own blockchain network called Google Cloud Universal Ledger (GCUL) specifically for financial institutions.
Google Cloud is developing its own blockchain network called Google Cloud Universal Ledger (GCUL) specifically for financial institutions. The platform aims to provide a “credibly neutral” infrastructure for payments and financial products.
Rich Widmann, Google Cloud’s Web3 Head of Strategy, announced the initiative on LinkedIn this week. He emphasized that GCUL will support Python-based smart contracts and serve as neutral infrastructure that any financial institution can utilize.
“Tether won’t use Circle’s blockchain, and Adyen probably won’t use Stripe’s blockchain. But any financial institution can build with GCUL,” Widmann explained. The platform is currently running in private testnet with more details expected later.
The blockchain project represents Google’s entry into the financial infrastructure space, potentially competing with existing payment networks while leveraging the tech giant’s distribution capabilities.
