Kavita Gupta, a founding and managing partner at Consensys Ventures, the venture capital arm of ConsenSys, a blockchain venture production studio, recently discussed in an interview with Bloomberg Market Google’s recent push into the blockchain industry.
In the interview, Gupta defined blockchain technology as “an infrastructure layer on the internet or web 3.0, a new modified version of the internet.” She mentioned that the blockchain could allow organizations to hold and authenticate date and then trace it as it moves across a platform. Gupta believes that blockchain technology provides a lot more security than traditional infrastructure platforms.
Google Moves Into Blockchain Technology
Gupta mentioned that Google’s entry into the blockchain sector is great validation for the industry. Google is one of the most prolific companies in the Web 2.0 era, also known as the traditional internet space. Google has had a significant influence on the Web 2.0 internet era, starting in the later 90s when they initially emerged as a search engine, when it was extremely difficult to find anything on the internet.
Google’s interest in blockchain was first reported by Bloomberg in March 2018, as Google looked to head off competition from emerging startups.
Gupta noted that Google understands the power and impact that blockchain technology will bring, especially when it comes to data storage and people’s privacy. They’ve since made a large push internally with new blockchain-related technology.
Gupta, however, stated that Google co-founder Sergey Brin said that Google “failed to be on the bleeding edge” when it comes to the blockchain technology revolution. Gupta mentioned that she was “excited that Google has missed out on that gap.”
As a result of their slow start, Google has begun partnering with many blockchain companies in the space. One such company is BlockApps.
According to BlockApps’ press release, BlockApps STRATO is now available on the Google Cloud Platform. It is the first blockchain-as-a-service platform which enables the creation of blockchain solutions for all industry verticals. Enterprise teams can therefore quickly build blockchain applications using BlockApps.
“We are very proud that BlockApps is one of the companies which are incubated [sic] at ConsenSys,” said Gupta.
By partnering with BlockApps, Google has therefore legitimized the use of blockchain technologies on an enterprise level. Google co-founder Eric Schmidt has also been a large supporter of the Ethereum platform which also brings additional credibility to the industry.
Why Gupta Believes Ethereum is Superior To Bitcoin
When asked why she believes Ethereum is superior to Bitcoin, Gupta made a clear distinction between cryptocurrencies and blockchain technology. To explain the difference between cryptocurrencies and blockchain technology, Gupta mentioned that Bitcoin was built on top of the blockchain and that blockchain is the technological platform behind all cryptocurrencies.
Gupta went on to state that blockchain technology is quite flexible and developers could clear the technology layer to make the technology more product-focused if they wanted to. Cryptocurrencies are just one possible use for the blockchain.
With this in mind, Bitcoin was designed specifically to function as a digital currency that could enable fast international transfers, facilitate custodianship, and be transferred quickly from one party to another without the need for an intermediary.
While Bitcoin was an extremely groundbreaking experiment, it contained a lot of limitations. The greatest limitation was Bitcoin’s blockchain infrastructure. Gupta commented that developers couldn’t build a lot of different products on top of Bitcoin’s blockchain because its primary function was to record Bitcoin transactions.
On the other hand, Ethereum leveraged the underlying blockchain technology because they saw the unlimited possibilities that blockchain technology presented. Instead of limiting the blockchain to cryptocurrencies, the founders of Ethereum created a smart contract platform to house decentralized applications. While Ethereum does have a cryptocurrency known as Ether, the cryptocurrency is not speculative like Bitcoin. Gupta noted that it has utilitarian value for those who are looking to use the Ethereum blockchain.
The post ConsenSys Ventures Partner Discusses Google’s Push Into Blockchain and Why She Prefers Ethereum over Bitcoin appeared first on UNHASHED.