Google Cloud’s Head of Web3 Strategy, Rich Widmann has revealed new details about its Cloud Universal Ledger (GCUL).
Google Cloud Universal Ledger (GCUL) is a Layer-1 blockchain designed to serve as a neutral, high performance infrastructure for financial institutions.
GCUL is currently in private testnet and is referred to as the culmination of “years of R&D at Google.”
It aims to transform cross-border payments, asset tokenization, and settlement processes, positioning Google as a major player in the race for institutional blockchain adoption.
A Neutral Platform
Unlike competing blockchains tied to specific ecosystems, such as Circle’s Arc or Stripe’s Tempo, GCUL is marketed as a “credibly neutral” platform.
In the post, Widmann also emphasized its accessibility.
“Tether won’t use Circle’s blockchain, and Adyen probably won’t use Stripe’s blockchain”, but any financial institution can build with GCUL.”
Rich Widmann
This neutrality will likely encourage broader adoption among banks and payment providers wary of competitor-controlled networks.
Key Features of Google Cloud Universal Ledger
GCUL supports Python-based smart contracts, enabling automation of complex financial workflows, including payment processing and digital asset management.
Using Python will likely lower the barrier for developers, given its prominence in financial data science and machine learning.
The platform operates as a permissioned blockchain, tailored to meet the compliance and regulatory needs of the financial sector, compared to its other counterparts.
Google Cloud positions GCUL as a “planet-scale” blockchain which will use its global infrastructure to support billions of users with bank-grade functionality.
The platform offers a single API for streamlined integration, stable monthly fees, and 24/7 availability.
Google Cloud Universal Ledger will also address inefficiencies in traditional payment systems, which cost the industry $37 billion in maintenance in 2022.
Competitive Landscape
GCUL enters a crowded field of institutional blockchains.
Circle’s Arc, set to launch on public testnet this fall, focuses on stablecoin payments and foreign exchange.
Meanwhile, Stripe’s Tempo, developed in stealth with crypto venture firm Paradigm, targets high-performance payment solutions.
The platform also competes with Ripple’s On-Demand Liquidity (ODL) and other blockchain solutions like Plasma, backed by Tether-linked investors.
However, GCUL’s permissioned design and focus on regulatory compliance may appeal to institutions cautious about decentralized networks.
It will also likely appeal to those tied to specific stablecoins or cryptocurrencies, such as XRP.
Some in the crypto community question GCUL’s permissioned nature, arguing it lacks true decentralization.
However, others see it as a pragmatic solution for regulated industries.
