According to a Bloomberg report, Google is working on blockchain-related technology to support its cloud business. “The Alphabet Inc. unit is developing its own distributed digital ledger that third parties can use to post and verify transactions,” the source claimed.

By creating its own distributed ledger, Google hopes to get ahead of competition from Microsoft, Amazon, and dozens of other smaller blockchain startups creeping into the market. The source also claimed that Google has been acquiring and investing in several smaller startups in the field, which have not been announced publicly.

“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans,” the spokesperson reported.

According to Investopedia, Google is also expected to be offering a white-label version of its distributed ledger to the market.

Despite its reputation as a tech leader, Google is still behind the rest of the tech giants breaking into blockchain technology. IBM Corp, Accenture, Microsoft, and Amazon are already offering tangible blockchain services to the market.