- The crypto industry should focus on using smart contracts to solve real-world business problems, rather than obsessing over token prices, according to Google Cloud’s Web3 Lead.
- James Tromans, Google Cloud’s Head of Web3, emphasized the importance of focusing on the business logic in smart contracts rather than the supply and demand dynamics of tokens.
- He stated that the main goal should be to address the business problems that need to be solved and view tokens as a means to accomplish that, rather than the main focus.
- Google Cloud’s Blockchain Node Engine is one of its key blockchain services, providing users a self-hosted node for accessing blockchain data, conducting transactions, building smart contracts, and running decentralized applications.
- Tromans believes that blockchain and smart contracts can drive innovation, reduce operational costs, and create new revenue streams.
- Despite the bear market, Google Cloud has experienced strong demand from enterprises seeking to integrate blockchain technology to enhance efficiency, reduce costs, and accelerate innovation.
- Most of this demand comes from the traditional finance (TradFi) sector, focusing on solving basic finance and accounting problems. However, Google Cloud customers are increasingly interested in integrating blockchain-based solutions in digital identity and supply chain management.
- Tromans argued that blockchain technology will not achieve mass adoption until user experience improves. He emphasized the importance of abstracting away complex blockchain concepts, such as private keys, for the average end user.
- He suggested that Web3 should strive to provide a seamless user experience, similar to how web browsers abstract away complex protocols like TCP-IP and HTTPS.
- Tromans highlighted the need for Web3 developers to create frictionless solutions that help users recover their private keys and manage their data, leading to a fantastic user experience.
- When user experience is optimized, blockchain technology can solve problems in various industries, including payment solutions, gaming, and supporting artists.
- Tromans believes that when Web3 achieves mass adoption, it will simply be referred to as “the web” again.
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