Tech behemoth Google is making waves in the cryptocurrency space with the introduction of a new search feature allowing users to directly view wallet balances across several popular blockchains. This functionality, rolled out on March 27th, 2024, empowers users to search for any wallet address on Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom blockchains and see the current balance of the native token for that specific network. Additionally, Google displays a timestamp indicating the last time the balance was updated.
This development comes on the heels of Google’s recent embrace of cryptocurrency, marked by the inclusion of Ethereum Name Service (ENS) domain search results for wallet balances earlier in March. ENS assigns human-readable names to complex Ethereum wallet addresses, fostering a more user-friendly experience. The latest update expands upon Google’s initial foray into on-chain data exploration, which began with supporting Ethereum wallet balance searches in May 2023.
While the displayed balance reflects only the native token of the respective blockchain, this integration signifies a significant step towards mainstream adoption of cryptocurrency. Google’s vast user base can now leverage search to gain insights into public blockchain activity. Notably, the search function supports three Bitcoin address formats – P2PKH, P2SH, and Bech32 – ensuring broad compatibility with existing wallet structures.
However, privacy-conscious cryptocurrency proponents have voiced concerns regarding the implications of centralized data aggregation. Since blockchain transactions are publicly viewable, Google’s ability to display wallet balances raises questions about user privacy and potential surveillance.
The move also underscores Google’s evolving stance on cryptocurrency. The company previously banned Bitcoin-related advertisements in 2018. However, with the approval of the first Bitcoin ETF in January 2024, Google began permitting advertisements for these exchange-traded funds. This shift in policy suggests a more open and accepting attitude towards the cryptocurrency market.
By integrating blockchain data directly into search results, Google is demonstrably enhancing public access to on-chain activity. This newfound transparency, coupled with the user-friendly search interface, could potentially propel cryptocurrency further into the mainstream. However, navigating the delicate balance between accessibility and user privacy remains a crucial challenge for Google and the wider cryptocurrency ecosystem.
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This article first appeared on The WIRE and is brought to you by Hyphen Digital Network
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