Alphabet, Google’s parent company, has quietly been acquiring and investing in startups with blockchain expertise and is working on a related technology to support its cloud business, according to TechCrunch. The much-hyped digital ledger technology could be used to secure transactions for its cloud services. Google isn’t the only company incorporating blockchain into their business. Walmart and IBM have already teamed up with nine food giants to apply the decentralized technology to secure their food supply chain and improve the traceability of items like chicken, chocolate and bananas, according to Fortune.
Here’s my issue with this. Google recently announced that it would be banning cryptocurrency ads. This is all being done under the guise of “protecting the consumer” But when have major corporation been concerned about protecting the consumer? Were corporations protecting the consumer when they allowed companies to put crap into our foods? Were they protecting the consumer when Goldman Sacks knowingly bet against the mortgage market that they controlled in 2007? Corporation have never and will never care about the consumer. They care about their bottom line. Alphabet company, whose margins are thinning thanks to Youtube losing its luster is looking for a way to reduce costs and invest in new technology. So them banning crypto ads has everything to do with controlling the competition and establishing a first to market strategy (more like 100th to market) since all these corporation were late to the game. Many CEOs who called Bitcoin a fraud years ago are now (and possibly then) invested in cryptocurrency.
This is why we need a decentralized web, and more decentralized services. As long as large corporations can throw their money around, they can take advantage of any market, not just cryptocurrency.