Despite distrust of cryptocurrency in several countries across the globe, Ethereum, which is an open-source, public, blockchain-based distributed computing platform and OS, has received backing from none other than search giant Google, as the Google Cloud team has officially incorporated the Ethereum (ETH) dataset in BigQuery, a cloud-based big data analytics web service from Google.
Interestingly, few months back Google had released Bitcoin support for its BigQuery database tool and thereafter Google has also debuted a new Chrome browser plug-in for analyzing the Ethereum blockchainallowing Chrome users across the world to access and read all of the data stored on Ethereum’s blockchain.
With the help of BigQuery, users will now be able to explore the historical data of Ethereum.
It is to be noted that inspite of the fact that Ethereum is also the creator of cryptocurrency ‘Ether’, Google backing Ethereum in its platform is big step towards encouraging global acceptance of Blockchain vis-a-vis Cryptocurrency as there’s an ongoing reluctance towards cryptocurrencies of all kinds among several countries where India, in particular, has banned the trading of cryptocurrencies in the country.
In a blog post last week, Google stated, “Ethereum and other cryptocurrencies have captured the imagination of technologists, financiers, and economists. Digital currencies are only one application of the underlying blockchain technology. Earlier this year, we made the Bitcoin dataset publicly available for analysis in Google BigQuery. Today we’re making the Ethereum dataset available.”
The Google’s blog post elaborately explained the primary differences between the Ethereum blockchain and Bitcoin’s. These include a token based smart contract principle, precise and direct Ether value transfer resembling accounting ledger debits and credits, and the virtual machine that can execute arbitrary code. It added that Ethereum blockchain data was now available for viewing with BigQuery, Google’s web service that enables interactive analysis of massively large data-sets working in conjunction with Google Storage.
With addition of Ethereum Blockchain information available in Google Cloud, Google aims to make all the information stored in the chain easily accessible.
The Ethereum data pulled by BigQuery is updated daily.
While for the multiple essential functions, such as the status of the transaction, information about the wallet address and balance, there is API used in Ethereum, it does not provide access to aggregated data stored on the chain. Several other public blockchains like CoinMarketCap and Bittrex also have APIs for analyzing crypto markets, and they also offer a broader list of coins, but they too still provide a limited amount of data.
Google BigQuery has already enabled call analysis to intelligent contract function, transaction times and smart contract function analysis.
Importance in Indian Context
The inclusion of Ethereum is important in Indian context simply because Ethereum as blockchain & crpytocurrency entity has a substantial presence in the country. And, backing of Google could definitely create a big — if not massive — oppurtunities for Ethereum enthusiasts, developers and blockchain technology companies especially startup ventures.
According to free internet provider Jana’s Mobile Majority report (April’18), Ethereum topped bitcoin as the most searched-for cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus bitcoin’s 29.9%.
New York-based blockchain startup Consensys, which is founded by Ethereumm’s co-founder Joseph Lubin, wants to build a “very strong” ethereum blockchain-developer community numbering 20,000-50,000, reported Business Line, quoting Kavita Gupta, Head of Consensys India.
In April, Consensys has signed a non-binding agreement with Niti Aayog, a govt. of India’s policy think tank, to offer Ethereum courses & training and make blockchain prototypes across healthcare, education, land registry, supply chain, and more.
An year back, Indian state of Andhra Pradesh joined Enterprise Ethereum Alliance (EEA) to become the first state government outside the US to join the EEA alliance. EEA is an Ethereum-based alliance formed in March 2017 by Microsoft, Intel and more than two dozen other companies/banks to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum.
Later in October of last year, Andhra Pradesh become the first state in India to pilot blockchain technology in two departments — land records and transport.
[Top Image – The Motley Fool]