Google owner Alphabet is exploring the launch of new Web3 and blockchain-based products, CEO Sundar Pichai says

Alphabet is exploring the integration of Web3 technology, CEO Sundar Pichai said in an earnings call Tuesday.
"As a company, we are looking at how we might contribute to the ecosystem and add value," he said.
Alphabet's stock rose 8% on Wednesday after posting solid fourth-quarter results that beat Wall Street estimates.

Google parent Alphabet for the first time publicly embraced Web3 technology on Tuesday, saying it's weighing how to integrate the blockchain-based iteration of the internet.

"On Web3, we are definitely looking at blockchain and such an interesting and powerful technology with broad applications, so much broader again in any one application," CEO Sundar Pichai said in Alphabet's quarterly earnings call Tuesday.

"So as a company, we are looking at how we might contribute to the ecosystem and add value."

Pichai didn't offer any specific glimpses into how exactly the search-engine might make use of blockchains, but hinted at uses within its cloud services department.

"Just one example, our cloud team is looking at how they can support our customers' needs in building, transacting, storing value, and deploying new products on a blockchain-based platform," the CEO said.

"So we'll definitely be watching the space closely and supporting it where we can."

There's debate about what Web3 is, though it's generally agreed to be an evolution from the internet of today, where Alphabet's search engine is dominant.

But the concept is seen by crypto advocates as a stepping stone to the metaverse and an upgrade from the control of Web2's tech giants like Google.

The chief aim of platforms built on Web3 is to cut out the central authorities that act as gatekeepers, and give more power to users who earn their influence by helping to run services themselves.

Jack Dorsey, one of bitcoin's most vocal proponents, has hit back at the idea that Web3 is decentralized, saying venture capitalists like Andreessen Horowitz dominate the field. But Alphabet appears to be warming up to the idea.

"Overall, I think technology will continue to evolve and innovate, and we want to be pro-innovation and approach it that way," Pichai said.

"Any time there is innovation, I find it exciting, and I think it is something we want to support the best we can. The web has always evolved, and it's going to continue to evolve," he said.

"And as Google, we have benefited tremendously from open-source technologies, and so we do plan to contribute there."

On Tuesday, Alphabet posted blowout fourth-quarter results that beat Wall Street expectations on revenue and earnings. Quarterly revenue came in at $75.33 billion, up 32% on a year ago and well above the $71.17 billion average estimate from analysts polled by Refinitiv.

Alphabet's shares rose 8% in regular trading on Wednesday.

Read the original article on Business Insider