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Report: Google developing blockchain-related technology

Alphabet Inc. unit Google Inc. is developing a blockchain-related technology to support its cloud business, Bloomberg News reported March 21, citing sources with knowledge of the matter.

The U.S. search giant is developing its own distributed digital ledger that third parties can use to post and verify transactions, one of the sources said.

The news comes after Google, Facebook Inc. and Twitter Inc. moved to ban cryptocurrency ads on their platforms.