Google LLC is working on a blockchain-based transactions platform for its cloud service, according to an unconfirmed report published Wednesday.

Bloomberg, quoting “people familiar with the situation,” claimed that the as-yet-named blockchain solution is being designed by the search giant to both support its cloud business and head off competition from emerging startups. The blockchain Google is said to be working on could give customers assurance that their data was safely stored as well as offer a distributed digital ledger that third parties could use to post and verify transactions.

One source also claimed that Google may provide the software to third parties, meaning that it wouldn’t exclusively be a Google Cloud-only platform.

The reported move doesn’t come as a surprise because Google first tested the technology as far back as 2016. Among its cloud competitors, IBM Corp. and Microsoft Corp. already offer custom blockchain services, although just how popular they are isn’t clear.

The Bloomberg report noted that the market for blockchain products and services is expected to grow from $706 million last year to more than $60 billion in 2024 and that Amazon.com Inc. is already working in the market in help companies build blockchain applications, though last year its Amazon Web Services Inc. cloud unit said it didn’t yet see clear applications for blockchain.

Despite blockchain technology being best known as the underlying code for cryptocurrencies such as bitcoin, its distributed ledger offers decentralized networking that can provide redundancy-by-design for both business and governments. That said, it does come with some risks, in that the bitcoin blockchain at least allows illegal content to be added to it, putting all users at risk.

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