Wednesday, Google head of advertising mentioned that Google is trying to figure out how to implement the blockchain technology to its infrastructure, reported CNBC.
Google’s senior vice president of ads and commerce, Ridhar Ramaswamy mentioned that the company wants to use the blockchain technology, but it still doesn’t have any product or project.
“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.”
At the Advertising Week Europe conference in London, Google’s most senior advertising executive told the audience,
“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.”
Ramaswamy also noted that the blockchain technology could increase the efficiency of currency exchange.
“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,” he added.
However, Google announced last week that it was banning all cryptocurrency-related ads to avoid fraudulent schemes.