Google, not one to be left behind in the nascent technology race that is starting to bubble, has announced another partnership with a blockchain startup. This time the tech giant's cloud wing will be partnering with Cypherium to use its product, Cypherium Enterprise.
Cypherium describes this product as an enterprise-focused blockchain platform with a focus on scalability and decentralization, which thus opens the door for Google Cloud customers to have access to the blockchain solution.
Cypherium purports to be an enterprise-ready blockchain solution that is highly scalable and robust. They utilize a hybrid design that features a joint Proof-of-Work (PoW) and HotStuff (Also adopted by Facebook's Libra) consensus mechanism that can allegedly achieve thousands of transactions per second without sacrificing decentralization.
"We're delighted to be collaborating with Google Cloud to provide enterprises with a full-stack solution to harness the potential of this paradigm-shifting technology," Sky Guo, Co-Founder, and CEO of Cypherium said.
"The growing demand in the market for DLT solutions in the financial industry and beyond drives our commitment to this collaboration. Cloud customers can rest assured that the blockchain solutions they implement using Cypherium Enterprise are clad in robust security, and capable of delivering rapid transaction speeds for its smart contracts and achieving high-speed data processing from its Java virtual machine."
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Google on the move
In the realm of enterprise blockchain adoption, there have been significant moves by some large enterprises. Microsoft, IBM, Amazon, Oracle, and even some smaller companies like Hewlett Packard and Lenovo are all pushing to be a part of this space.
A name that has been conspicuously absent from the media in terms of its blockchain advancements has been Google, although that seems to be changing. A slew of announcements and partnerships have come to light for the internet search engine company, with the cloud wing linking up with Cypherium just the latest instance.
In June, Google announced that Ethereum app builders using Google software would be able to integrate data from sources outside the blockchain through a partnership with Chainlink, a company that provides on ramps and off ramps for information necessary to run self-executing smart contracts.
Moreover, in May, blockchain platform Qtum announced it would also be working with Google Cloud as a software partner to increase the ease of launching native products for users.
A network of partnerships
There appears to be a burgeoning network of partnerships developing in the blockchain space that is seeing some of the world's largest enterprises buying into what a handful of innovative blockchain startups have created.
Further examples show Chainlink is not only offering their smart, smart contract services to Google; but they also recently announced a partnership with Oracle to help startups monetize their data.
Additionally, Cypherium can also boast Amazon Web Services as a partner; to enable Blockchain-as-a-Service for enterprise customers; as well as IBM Blockchain where Cypherium is once again offered to provide increased scalability in a blockchain solution.
"The Google Cloud collaboration comes at a time of strategic innovation for Cypherium and marks a key milestone in a series of strategic scaling initiatives for the company, including collaborations with Amazon Web Services and IBM Cloud," Guo said.
Guo also alluded as to why there are so many blockchain startup and enterprise partnerships burgeoning at the moment.
"Google Cloud and Cypherium are bound by a perpetual need to innovate. The future of commerce and blockchain are inextricably linked, and we are well-positioned to leverage Google Cloud's expansive resources and best-in-class infrastructure to accelerate the use of the technology to solve real-world problems faced by businesses today."