- Google Cloud confirms its Universal Ledger is a layer-1 blockchain platform aimed at financial institutions.
- The new blockchain supports smart contracts written in Python, departing from the usual industry languages like Solidity and Rust.
- Analysts question whether Google can maintain neutrality as it enters a competitive sector with Stripe and Circle.
- The Universal Ledger is designed as open infrastructure for payments and asset tokenization.
- Some experts highlight that using Python may attract more enterprises, but could also limit interoperability unless robust tools are developed.
Google Cloud has confirmed its Universal Ledger is a layer-1 blockchain. Rich Widmann, who leads Web3 strategy at the company, made the announcement, detailing that the project aims to support wholesale payments and asset tokenization for financial institutions.
This confirmation follows a partnership announcement with CME Group over five months ago and recent statements that the Universal Ledger has completed its first integration and testing phase. Widmann described the blockchain as independent, meaning it runs its own security and transaction processes, unlike layer-2 networks which depend on existing blockchains for validation.
“All this talk of layer-1 blockchains has brought Google’s own layer-1 into focus,” Widmann wrote in a LinkedIn post. He added, “If you’re building a layer-1, it has to be differentiated.” The system supports programming smart contracts using Python. Most other blockchains use Solidity or Rust for this purpose.
According to developer advocate Christine Erispe, the decision to use Python is practical because many banks and fintech companies already rely on it for data processing and machine learning. Python’s popularity could make it easier for these companies to experiment with blockchain. However, Erispe added that unless Google provides strong development tools and bridges to other chains, developers could become siloed.
Google markets the Universal Ledger as open and “credibly neutral” infrastructure, according to Widmann. While competing chains, like Stripe’s Tempo and Circle’s Arc, are focused on fitting their existing businesses, Google aims for scale and neutrality, said Aharon Miller, co-founder at Oobit. Still, he noted the challenge is whether institutions believe Google will remain neutral, given its dominance in internet infrastructure.
Dr. Sean Yang, chief technology officer at OORT, pointed out that Google has significant conflicts of interest in payments, cloud computing, and advertising. He compared Google, Circle, and Stripe’s approaches: Google is taking a broad approach, Circle is focusing deeply in certain areas, and Stripe targets developers and payment firms. Despite their differences, he noted, the three firms are each targeting institutional blockchain infrastructure.
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