Google's latest product is a blockchain targeted at finance.

On Aug. 27, Alphabet ( GOOG 1.04% ) ( GOOGL 1.16% ) said that it's launching a new blockchain platform called the Google Cloud Universal Ledger (GCUL). The company framed the project as a blockchain designed for financial institutions to use in areas like capital markets and real-world asset (RWA) tokenization . This marks Alphabet's largest step yet into the blockchain sector, suggesting that its intent is to compete with established players.

GCUL directly targets the same institutional finance niche where XRP ( XRP 0.05% ) and its issuer, Ripple, have spent years building value. Here's what investors need to know.

This ledger could be a giant

Right now, Google's ledger is running in private testing

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