A Web3 lead at Google Cloud said that the crypto industry is overly concerned with the price of tokens, but they should also consider how smart contracts can be used to solve real-world business problems.
In one interview, James Tromans, Google Cloud’s head of Web3, pointed out the need to concentrate more on the business reasoning behind a smart contract than the supply and demand dynamics of the token.
Tromans added, “So I would like us to get away from all this talk about tokens and token speculation as if that is Web3, that is not Web3.” The Blockchain Node Engine, one of Google Cloud’s main blockchain services, provides users with a self-hosted node to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications.
Tromans discussed how Blockchain and smart contracts can result in innovation, lower operational costs, and new revenue streams. He also said, “Over the past 12 to 15 months in the traditional enterprise space, interest in leveraging blockchain technology to improve efficiency, reduce cost and improve the speed of innovation hasn’t gone away.”
According to Tromans, the TradFi sector has accounted for the majority of this demand to resolve straightforward financial and accounting issues. However, he went on to say that Google Cloud customers are increasingly considering incorporating blockchain-based solutions in digital identity and supply chain.
Thomas believes that Web3 developers need to build solutions that help users recover private keys and take care of their data for them.
Tromans contends that until the user experience improves, it is unlikely that blockchain technology will experience widespread adoption. “When Web3 hits mass adoption, we won’t call it Web3. We’ll just call it the web again,” he said.