04:27 GMT +320 April 2018
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    People are silhouetted as they pose with laptops in front of a screen projected with a Google logo, in this picture illustration taken in Zenica October 29, 2014.

    Google May Roll Out Its Own Blockchain-Based Technology

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    The silicon valley tech giant has blockchain-related cloud technology development under way, media reported, citing sources familiar with the matter.

    One of the units of Alphabet Inc., the parent company of Google, is currently working on a technology, which would allow users to post and verify transactions, Bloomberg reported, citing its sources.

    The technology is currently at such stage of development, when it is too early to tell the release date of any technology-based product. However, it is clear according to sources that the Blockchain services would be related with Google cloud businesses. The sources also reported that Alphabet recently has been acquiring and investing into companies specialized in Blockchain technology.

    Invented in 2008, digital ledger system blockchain is using cryptography to protect its data. Despite being used mainly in cryptocurrencies, blockchain has other applications, where data security is vital. The system was developed for use in Bitcoin cryptocurrency, which is now trading at $8600 per one Bitcoin.

    Recently, Google announced that it would ban online advertisements of cryptocurrencies, initial coin offerings and "related content" following a similar statement by another tech giant Facebook made in January.

    After the news on the new Google anto-cryptocurrencies policy, Bitcoin fell by 14 percent, hitting a mark below $8,000.

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