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Google is reportedly working on blockchain-related tech

People pass by the Google logo at the Web Summit in Lisbon on November 8, 2017. Photo: PATRICIA DE MELO MOREIRA/AFP/Getty Images

Google is reportedly working on its own blockchain-related technology (a digital distributed ledger) to go along with its other cloud computing services, according to Bloomberg.

Why it matters: Along with the boom in cryptocurrencies and digital tokens, there's also increasing interest in the underlying technology of Bitcoin, the blockchain. Many believe it can be applied to a wide range of sectors and uses for more secure tracking of transactions.