The crypto industry needs to shift its focus from token prices to the potential of smart contracts in solving real-world business problems, according to James Tromans, the Head of Web3 at Google Cloud. In an interview with Cointelegraph, Tromans emphasized the importance of prioritizing the business logic within smart contracts rather than the supply and demand dynamics of tokens. He stated, “What are the business problems that you want to get executed? When you’re running a smart contract to execute some business logic to solve your business problem, you’re using a token, but the token is not the thing, it’s the business problem that’s the thing.” Tromans urged the industry to move away from token speculation and instead focus on the practical applications of smart contracts.
Google Cloud offers a range of blockchain services, including its Blockchain Node Engine, which allows users to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications. Tromans believes that blockchain and smart contracts have the potential to drive innovation, reduce operational costs, and create new revenue streams.
Despite the bear market, Tromans revealed that Google Cloud has seen strong demand from enterprises seeking to integrate blockchain technology. He noted that the majority of this demand comes from the traditional finance sector, where blockchain is being used to address basic finance and accounting problems. However, he also mentioned that Google Cloud customers are increasingly exploring blockchain-based solutions for digital identity and supply chain management.
Tromans acknowledged that for blockchain technology to achieve mass adoption, user experience needs to improve. He argued that the average end user should not have to understand complex concepts like private keys. Instead, these technical aspects should be abstracted away, similar to how web browsers handle protocols like TCP-IP and HTTPS. Tromans suggested that Web3 should strive for the same level of simplicity and accessibility.
To achieve a fantastic user experience, Tromans believes that Web3 developers need to build frictionless solutions that help users recover private keys and take care of their data. He emphasized the importance of optimizing user experience to unlock the potential of blockchain technology in various industries.
Tromans concluded by stating that when Web3 achieves mass adoption, it will no longer be referred to as Web3. Instead, it will simply be known as the web again.
Sources:
– Cointelegraph: [Link to be added]
– Cointelegraph: [Link to be added]
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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