Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.
The collaboration of the Internet giant and a company with a strong expertise in distributed ledger technology is expected to become beneficial for both parties. Google Cloud will get an opportunity to increase its market share while fintech company can reach new audiences.
Digital Asset is an Australian-based fintech company known for creating products based on distributed ledger platform developed according to the requirements of the world’s leading financial institutions. Among other products, the company is creating blockchain-based developer tools. This business direction is likely to be bolstered in the near future as Digital Asset has added a big name to the list of its partners. On the 23rd of July the company has announced its collaboration with tech giant Google.
The partnership between Google Cloud and Digital Asset focuses on the various solutions for software developers. The blockchain sphere has relatively high level of technological requirements. Digital Assets has developed a number of tools that can simplify the entrance in this sphere. The company not only creates tools, but also provides support to developers. The collaboration with Google opens a variety of opportunities for the fintech company: it definitely will widen the audience of developers working with the Digital Asset’s products.
One of the most notable offers is the Digital Asset Modeling Language (DAML) software development kit. In the result of the collaboration this smart contract language became available to Google Cloud developers. The possibilities of this language include the creation of payment systems and other financial services. DAML is already a powerful tool for the developers, but Digital Asset plans to continue its development. The DAML platform-as-a-service program is expected to benefit significantly from the partnership with Google Cloud.
It must be pointed out that this collaboration will not result in one-side profit. Google may be one of the leading tech corporations in the world, but the cloud services market is its weak point. At the moment its cloud services market share is only about 6%. That result is good enough to let Google Cloud be in the third place. However, this cloud service is not as popular as Amazon Web Services or Microsoft Azure.
Google has never been over-enthusiastic about the distributed ledger technology. Co-founder of the corporation Sergey Brin even said in the recent interview that Google ‘failed to be on the bleeding edge’ of the technology. But the situation seems to change. The collaboration with Digital Asset is not the only business decision of the kind. Google has already partnered with BlockApps, a startup providing another solution for simplifying development of decentralized apps. Both collaborations have come as a surprise as Google did not express interest in work with these companies.
Technological giants like Google make wise and balanced decisions when it comes to developing business. The company has attracted some of the leading specialists to lead its Internet-of-Things department like former CTO of Samsung Electronics Injong Rhee. The collaboration with Digital Asset also includes some notable names. The CEO of this company is Blythe Masters, a former executive at JPMorgan Chase. Digital Asset has already entered into a resounding partnership: it works with the Australian Securities Exchange on transferring stocks to blockchain. The combination of Google’s influence and Digital Asset’s expertise is likely to result in success.