Google (NASDAQ:GOOGL) Launches Blockchain Node Engine for ETH Developers

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Tech giant Alphabet’s (NASDAQ: GOOGL) (NASDAQ:GOOG) Google Cloud Division Launched Blockchain Node Engine to Facilitate Ethereum Capabilities (ETH-USD) developers. Nodes are storage devices including a computer, laptop, or server that run the codes of blockchain networks. Nodes transport and transfer huge amounts of blockchain data. More nodes on a network ensures a more secure, scalable, and decentralized network.

Google’s Blockchain Node Engine offers node hosting services that developers typically manage themselves and require constant supervision. Google’s Blockchain Node Engine continuously monitors nodes and also restarts those that are disrupted.

Thanks to Google’s powerful cloud platform, the service will ensure that no denial of service (DDoS) attacks take place on the network. Additionally, Google Nodes will allow developers to customize permissions behind a VPC (virtual private cloud) firewall.

Google recognizes the importance and prospects of the Web3 development space and intends to be an important player. The initial launch of Google’s Blockchain Node Engine is only available to Ethereum developers. Google hopes to offer the service to other crypto developers in the future.

Alphabet recently reported FY22 third quarter results that fell short of analysts’ expectations, both in terms of revenue and earnings. However, the company’s Google Cloud segment was the only one to show sequential growth.

Is Google a good stock to invest in?

Despite weak quarterly performance and a series of price target cuts, Google continues to be a highly valued stock. With 30 unanimous buy ratings, GOOGL stocks earn a consensus strong buy rating on TipRanks. Alphabet’s average price target of $131.77 implies a potential upside of 42.9% from current levels. Meanwhile, GOOGL stock has lost 36.4% so far this year due to the overall industry slowdown and macroeconomic headwinds.

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