Google Cloud blockchain to power payments and digital assets

Google Cloud is developing a new blockchain platform for the financial sector, currently in private testnet. The project, called Google Cloud Universal Ledger (GCUL), was announced by Rich Widmann, Head of Web3 Strategy at Google Cloud.

According to Widmann, GCUL is designed as a “credibly neutral” platform for financial institutions, capable of running Python-based smart contracts. The infrastructure will enable payment automation, digital asset management, and integration through a single API.

Google Cloud stated that the new service was built with a focus on compliance and will operate as a private, permissioned system. Although Widmann described it as a Layer 1 network, members of the crypto community expressed skepticism, arguing that the lack of decentralization sets GCUL apart from public blockchains.

The GCUL initiative was first mentioned in March, in partnership with CME Group, which is testing the platform for wholesale payments and asset tokenization. Further details on public access and rollout timelines will be announced at a later stage.