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Google will set up blockchain unit, report says

It'd be the company's first major foray into the blockchain.

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Google may be creating a blockchain unit.

Stephen Shankland/CNET`

Google is creating a group focused on the "blockchain and other next-gen distributed computing and data storage technologies," Bloomberg reported Thursday. It previously only provided cloud services to companies working with blockchain tech, the news outlet noted, rather than engaging in it directly.

The group will apparently be led by Shivakumar Venkataraman, a Google engineering vice president who used to work on its search advertising team, and be linked to Labs, the company's virtual and augmented reality division.

The search giant didn't immediately respond to a request for comment.