Google revived its 'Labs' initiative in 2021, bringing it back to life after shutting down in 2011. At the time of its revival, Google announced that the teams under Labs would be working on "high-potential, long-term projects," such as augmented reality. According to a report from Bloomberg, Google has now formed a new group under the labs initiative which is focused on working on blockchain.
According to the report, the new team will be focused on "blockchain and other next-gen distributed computing and data storage technologies." Shivakumar Venkataraman, an engineering vice president at Google has become a "founding leader" of Labs. He has previously worked for Google's advertising team and recently published a paper on the company’s techniques for distributed computing. In a recent interview, Venkataraman said that Google has been putting "a lot of attention to crypto."
The team is fairly small at the moment and it seems that Google is working to improve its own future. With the increasing amount of data being consumed every day, the company will have to look for smart solutions to store it. The new team seems to be working on finding a solution for this problem as well as eyeing an opportunity to build a product in the blockchain/crypto field.