Google’s cloud computing division, Google Cloud, has announced the development of a specialized “Universal Ledger” Blockchain network for the financial sector. Rich Widmann, Head of Web3 Strategy at Google Cloud, revealed on LinkedIn that the network is currently in a private testing phase. The platform will support Python-based smart contracts, offering reliable and impartial solutions to financial institutions.
GCUL’s Ambitious Targets
Widmann describes GCUL as a high-performance, neutral Blockchain network supporting Python-based smart contracts designed for financial institutions. GCUL is intended as a trusted infrastructure layer available for all financial institutions. According to Widmann, a trustworthy, universally accessible system becomes necessary if companies like Tether do not trust Circle’s network or Adyen prefers not to use Stripe’s infrastructure. GCUL is crafted to meet this precise need.
Google Cloud indicates that the system enables payment automation and cryptocurrency management. Accessed through a single API, the network is structured with regulatory compliance in mind. It will operate as a permissioned and private system. While Widmann refers to GCUL as a Layer 1 network, its decentralized nature has sparked some criticism among sector representatives.
Spotlight on Google Cloud and CME Collaboration
Google Cloud first announced the project in collaboration with CME Group in March. CME Group, a leading derivatives exchange, has begun developing mass payment and asset tokenization solutions on GCUL. This partnership signifies Google’s intent to lay down a strong institutional framework for the project, not just a technical one.
The widespread utilization of GCUL by financial institutions and the timeline for its public testing phase remain unspecified. According to Widmann, more details about the system will be unveiled in the coming months. However, the available information suggests that Google Cloud aims to establish itself in cryptocurrency-based payment systems by building its Blockchain infrastructure, beyond just Web3 integration.
