financial

Banking clients making use of Google servers

Google is venturing in the blockchain services provision to banks, a field previously dominated by Microsoft, Amazon and IBM. In a statement released recently by GFT Germany consulting firm confirmed that Google’s cloud services have been used by Royal Bank of Scotland Group in their test blockchain clearing and settlement application with significant success. GFT further stated that Stuttgart and other bank clients will make use of the Google servers for enhanced service delivery. It is important to note that GFT is a member of Google Cloud Platform’s partner program.

This means that Google will be sharing a platform with leading cloud service providers who have been working with blockchain startups for many years such as Amazon.com.Inc. Other players in the field such as Microsoft and International Business Machines Corporation are known for their active role in launching developer tools and new data base that have been successfully tested by banks and start-ups in their huge data centers.

Importance of Blockchain for Banks and other Service Providers

Blockchain services offered by cloud and data centers create a platform for huge companies and corporations to file their transactions securely. Google being one of the leading cloud service providers qualifies to offer the blockchain services that will take financial, health care and other institutions as well as internet businesses requiring complex data management to the next digital level.

The financial institutions for instance, only settle for a data center provider with a history of trusted service delivery. In this case, the cloud service provider for blockchain must have measures in place to secure the data such that the recorded transactions cannot be reversed, changed or interfered with. Google’s cloud will be offering an opportunity for the banks to efficiently and safely engage in international money transfers and internet business hubs to make and receive payments worldwide.

Transactions and blockchain

Transactions done through blockchain are cost effective hence boosting the sustainability of the company. This is because through blockchain disintermediation power, middle-men required in complex transactions will be eliminated leading to reduced costs of service delivery. Interest and investment in blockchain have increased in the recent past due to its use of immutable and complex cryptography that keeps the data secure.

Institutions with huge clientele and heavy data transfers prefer testing blockchain on provider’s cloud as it is swift and secure compared to testing it on a company’s internal computer. Blockchain services offered by a trusted cloud provider will bring numerous positive changes in the internet market because the cloud can easily and effectively manage a single database shared by several companies.

Cloud data infrastructure is about to grow to 204 billions

Cloud data infrastructure is a steadily growing field. According to a renowned researcher Gartner Inc., public cloud services recorded 175 billion dollars in 2015 globally. This figure is expected to go up to approximately 204 billion dollars by the end of this year. This shows that blockchain concept is being adopted by many companies as there is a massive shift from manual and insecure transactions and data storage, especially by the financial institutions.