As the popularity of blockchain technology grows due to its unique ability to move and store information, more and more organizations are looking for ways to incorporate the technology into their operations. Google Cloud made one of the most recent such announcements on October 27. Google has launched a blockchain node engine (BNE) service for Ethereum developers and projects.
According to the company, the Google Cloud Blockchain Node Engine will help Web3 developers create and deploy new Ethereum projects.
JUST IN: Google launches blockchain node-hosting service with support for #Ethereum.
— Watcher.Guru (@WatcherGuru) October 27, 2022
The initial service includes node-hosting for Web3 development on Ethereum, the second-largest blockchain network. It will, however, eventually expand access to other blockchain-based platforms as well.
Direct and Speedy Node Syncing
Google claims that this BNE will provide fully-managed node-hosting services, reducing the need for node operations. It means that the developers will no longer need to hire personal teams to monitor the nodes.
Rather, Google will monitor the nodes in order to restart them via this BNE. As a result, developers will have access to fully managed Ethereum nodes with secure blockchain access.
Google Cloud launches Blockchain Node Engine
Ethereum support first
— CTO Larsson (@ctoLarsson) October 27, 2022
Direct reading and writing of blockchain data, as well as the deployment of smart contracts on Google Cloud, will also accelerate node syncing.
The primary goal of Google Cloud is to make node creation easier by providing a managed service. They also want to provide a safe development environment for their clients. The company believes that by outsourcing the heavy lifting, developers will be able to focus on developing their web3 applications.
Google’s Interest in Web3 Development
Google Cloud has been working to improve the system with new technology in order to prepare it for a dynamic market. Google also announced a partnership with cryptocurrency exchange Coinbase Global earlier this month to integrate a crypto payment system into its cloud services.
JUST IN: @Google has partnered with @coinbase to accept #crypto payment for its cloud services.
Early next year, a select set of customers will be able to pay using $BTC and $ETH.
— CoinGecko (@coingecko) October 11, 2022
Furthermore, in January, the company announced that it was working on establishing a Digital Assets Team for Google Cloud, demonstrating its commitment to expanding its reach to web3 projects.
What effect will it have on the price of Ethereum?
The current price of Ethereum is $1,587, with a 24-hour trading volume of $19 billion. In the last 24 hours, Ethereum has dropped more than 1%, but overall it has gained over 17% in the CoinMarketCap currently ranks #2, with a live market cap of $194 billion.
Ethereum Price Chart – Source: Tradingview
Because the Google Cloud Blockchain Node Engine will initially offer Ethereum projects, the cryptocurrency’s value will undoubtedly rise. More and more developers will use the product to reap the benefits of fast node syncing. As a result, the ETH blockchain will receive more work, increasing the value of its native token (ETH).
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