This app runs as part of Chrome and scans your computer for software, reporting back to Google.
It takes up a lot of CPU and disk IO, so it's helpful to disable it. Also it is unclear exactly what it scans and reports back, so it may have privacy implications too.
As an added bonus, this registry also disables metrics reporting.
This is for 64-bit software.
Only use this if you are using a 64-bit version of Windows.