Google Cloud also lays the groundwork for blockchain-based payments with its new system in private testnet testing in financial companies.
Google Cloud is working quietly on its own blockchain network called Google Cloud Universal Ledger (GCUL). The system has entered a private testnet stage, which attempts to transform the payment and digital asset management of financial institutions.
Rich Widmann, who operates as the Head of Web3 Strategy for Google Cloud, made the announcement about the initiative via a post on LinkedIn.
Widmann laid stress on GCUL as a performant, credibly neutral platform. It uses Python-based smart contracts and is, therefore, more open to traditional finance firms to develop blockchain. This is unlike popular blockchain systems, which use languages such as Solidity or Rust.
Why Blockchain at Google Is Unique.
Google places an emphasis on the impartiality of GCUL. GCUL is designed to function as an open infrastructure layer, in contrast to blockchains that are managed by payment giants like Stripe or Circle.
In his observation, Widmann mentioned that the blockchain of Circle would not serve as the foundation for Tether, and that Adyen would most likely not be based on Stripe.
Nonetheless, any financial institution is capable of developing GCUL without the conflict of interest issues. Tokenization and wholesale payments are the primary focuses of the pilot project that GCUL is currently conducting with the CME Group.
A low-cost, round-the-clock settlement of collateral, margin, and fees is the goal of CME, which has already been incorporated and tested. The direct testing with the market users will commence later in the year, with full services in 2026.
What GCUL Means for Finance and Payments
The new blockchain is envisaged to be a permissioned system that is privacy-oriented and focused on compliance and accessibility.
It provides an API with a non-obtrusive integration, multiple currencies, automatic payment, and a Money transfer that is compliant with the KYC regulations. Google’s goal is to provide people with a system that is both fast and affordable.
The strategy of Google is indicative of an intense investment in the digital assets sector.
The company had in the past worked with the company of Coinbase and defied open blockchains such as Solana. Now, GCUL positions Google as a creator of blockchain protocols, not just a host.
There are industry voices who doubt this decentralization of GCUL due to its permissioned character. Nevertheless, it can prove to be an essential asset to financial institutions in the process of seeking a reliable, standard blockchain infrastructure.
