Google has come up with its new updated policy, which states that from now, applications based on blockchain tech are freely allowed to be hosted on the Google Play Store. Initially, Google was strictly against all blockchain apps and had restricted policies against them. They only allowed apps that remotely managed cryptocurrency and trading, like Upstox, Grow, and so on. But now, with the update in their policies, they have loosened these restrictions and are ready to bring a new genre of apps to their Google Play store.
What makes blockchain so special?
Blockchain has recently garnered everyone’s attention and even transformed various sectors like healthcare, banking, finance, real estate, supply chain management, intellectual property and many more. It follows the principle of immutability, which means once a data entry has been recorded, it can’t be altered or deleted, which even makes it more powerful as it can have permanent records of transactions and actions without any external interference.
It also works on the rule of cryptographic security, and each transaction is joined with the last one, making it a chain of data that is impossible to change and manipulate. Blockchain holds the promise to transform and reshape the digital world unlocking immense possibilities for innovation.
Another factor that creates hype about this blockchain technology is its transparency. All the transactions and activities are completely visible to all its stakeholders, encouraging accountability and trust among its users.
In the coming time, blockchain can disrupt the financial sector as it is going through a lot of ups and downs, and blockchain can act as a perfect solution for it. In fact, blockchain has the power to change any sector in this world, it is so efficient and enabling people to connect without the need for intermediaries.
Google’s new policy on blockchain-based apps
Initially, Google was concerned about user experience, as they didn’t want their users to get trapped in these technology-based scams and frauds. Keeping that in mind, in their official press release for the new policy, they have come up with some official guidelines for blockchain app developers to follow.
The developers of these apps have to be completely transparent with the users regarding the use of these tokenized digital assets. They are not allowed to promote and advertise any potential earnings that can be achieved from these apps. They are warned to avoid the purchases of those NFTs where the value of the purchase is unclear. If the developers want to host their blockchain-based application on the Google Play Store, they must strictly take care of these guidelines.
Google has collaborated with Reddit to update these new policies. Reddit is a famous social media platform founded in 2005 by Steve Huffman and Alexis Ohanian, which allows users to share and discuss content across a wide range of topics and interests.
These new changes are a green flag for the industry and will encourage more developers to innovate using blockchain technology. While Google is showing interest in these digital assets and the blockchain world, Apple remains silent on the digital asset ecosystem.
Going forward, Apple may also jump into the picture and may update their policies, or will they just keep themselves away from this fast-paced, growing industry of blockchain—time will be the best one to answer it.
The new policy went live on July 12, 2023, and now the developers can create and publish blockchain apps on the Google Play store. Google is clear with its ideology they want to promote the idea of enterprise usage of blockchain.
Google wants that the immense power of blockchain should be utilized effectively but not at the cost of their customer privacy and their user experience. They are expecting full transparency from the app developers as they don’t want their users to get tricked.
The impact of Google’s new policy!
If blockchain-based applications become readily available on Google Play Store, it can create a huge impact on the world. We can have blockchain-based elections, which can be more secure and transparent. It will ensure trustworthy results and better governance for society.
Blockchain will also significantly reduce the transaction cost, speed up processes, and enable cross-border transactions securely at a very fast pace and very low cost. Additionally, Google is very strict on their real-money gaming gambling and contest policies, any application which does not have the gambling eligibility requirement is completely restricted to accepting any money in the form of NFTs.
As blockchain tech is expanding daily, along with Google, many other companies will reshape their policies to adapt to the virtualization world. With the ease in policies, various blockchain gaming apps will now pop out into the market. These games give the players complete ownership and control over their game assets.
Blockchain is also impacting supply chain management. Companies like Maersk and Walmart have decided to pivot their supply chain system based on blockchain solutions. With its help, the issue of traceability in the supply chain will be resolved. Enterprises can also easily track the movement of their raw materials and goods from their warehouses to their destination without fraud and malpractices, ensuring product authenticity. Also blockchain can play a role in the Insurance sector by easing the claim settlement and fraud detection process.
Conclusion
Blockchain technology has the potential to reshape our world, revolutionize our industries and transform our society positively. Its transparent and decentralized nature offers many opportunities to enhance security, trust, and efficiency in various domains. It looks like blockchain is now ready for mass adoption worldwide. Enterprises are already using blockchain to transform the world. The high-interest many enterprises and MNCs have shown in blockchain resulted in amendments in the strict Google policies favoring blockchain.
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Check out this complete guide on asset tokenization using blockchain technology with different types of Tokenization Asset Platforms.
By the beginning of this year, the development of blockchain technologies has formed a completely new approach to the valuation of business, assets and their financing.
Asset tokenization is a secure process of transferring rights to a property or financial asset to a digital asset.
It is divided into equal shares - tokens that can be sold and bought, and thereby attract additional investment in the business.How to tokenize physical assetsAll operations are encrypted in blocks of information, and their movement can be traced in the blockchain network.
Tokenization is a progressive, safe and transparent way to evaluate and manage any asset that is of value.To issue a token to any company, you need specialized software that works both independently and on existing networks open to the creation of such projects.
The issue of the token and the initial cost of the asset are entirely determined in advance.
Due to network transparency, digital assets cannot be stolen or additionally reissued.
