According to James Tromans, the head of Web3 at Google Cloud, the crypto industry is too focused on token prices instead of considering how smart contracts can address real-world business problems. In an interview with Cointelegraph, Tromans emphasized the importance of focusing on the logic of smart contract business rather than the demand and supply dynamics of tokens. He stated that the business problem, not the token, should be the main concern.
One of Google Cloud’s main blockchain services is its Blockchain Node Engine, which allows users to access blockchain data, execute transactions, build smart contracts, and run distributed applications. Tromans believes that blockchain and smart contracts can bring about innovation, reduce operating costs, and create new sources of income. Despite the bear market, Google Cloud continues to witness strong demand from companies seeking to integrate blockchain technology into their operations.
Tromans mentioned that traditional enterprise sectors have shown increased interest in leveraging blockchain technology to improve efficiency and reduce costs. Much of this demand comes from the financial and TradFi sector for solving accounting problems. However, Google Cloud customers are also increasingly looking to integrate blockchain-based solutions into their digital identity and supply chains. Digital identity, in particular, has become a hot topic of discussion in the Web3 world.
Although blockchain technology is not completely invisible, Tromans believes that mass adoption will be unlikely until the user experience improves. He highlighted the need for abstracting concepts like private keys in order to make blockchain more accessible to the average end user. Just as users do not need to understand the technical protocols behind web browsers, Tromans suggests that Web3 should strive to provide a frictionless solution for users to securely manage their data and recover their private keys.
Tromans stated that Web3 has the potential to solve problems across various industries, from payment issues to cost reduction in games and empowering artists to monetize their work. He believes that when Web3 becomes widely adopted, it will simply be referred to as the “Web” once again.