In March the CME Group said it was starting tokenization pilots using the Google Cloud Universal Ledger (GCUL), a permissioned Layer 1 blockchain that’s currently being developed. But the company has been tight-lipped about the details.
However, yesterday Google shared a few specifics on LinkedIn. The Universal Ledger is built for finance, bringing native commercial bank money on-chain and uses Python smart contracts. All three of those points are interesting, but the most notable is the native bank money, rather than a digital twin. There are functional and business benefits stemming from this approach. Depending on how it’s done, it potentially makes it a heavier lift for banks to integrate.
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