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Google Stock Went Down Even Though It Announced a Cloud-Based Blockchain Node Service for Ethereum Projects


According to a blog post published by the company on Thursday, Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has announced the launch of a Blockchain Node Engine (“BNE”) based on Google Cloud specifically for Ethereum (ETH-USD) projects. This is a move that boosts the activity of the tech giant in the web3 space. But despite that, Google stock declined in the market.

Note that a node is a computer that connects to and supports a blockchain network by validating and relaying transactions. Nodes are also known as node computers. Ethereum (ETH-USD) will be the first blockchain BNE will support.

With the use of the Google Cloud BNE, web3 companies can relay transactions, create smart contracts, and read or write blockchain data directly on Google Cloud. This is made possible by the “node-hosting service that may eliminate the requirement for node operations” offered by Google Cloud.

In light of this information, the node-hosting service makes installing a node “quicker and simpler by enabling developers to deploy a new node with a single action,” as stated by Google

As “blockchain is altering the way the world keeps and transfers its information,” Google, which said earlier in 2022 that it was launching a Digital Assets Team inside Google Cloud, continues to strengthen its participation in the growing sector.

Before this (on October 11), Google formed a partnership with the cryptocurrency exchange Coinbase Global to accept digital tokens as payment from sure of its clients for its cloud computing services.

Featured Image-  Pexels @ Deepanker Verma

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