The crypto industry is often criticized for being too focused on token prices rather than exploring how smart contracts can solve real-world business problems. James Tromans, the head of Web3 at Google Cloud, believes that the industry needs to shift its focus towards the business logic behind smart contracts, rather than the supply and demand dynamics of tokens.
Tromans emphasizes that the primary goal should be addressing the business problems that need to be solved. Tokens are merely a means to an end, not the end goal itself. He urges the industry to move away from token speculation and instead concentrate on how smart contracts can be used to execute business logic and provide solutions.
Google Cloud recognizes the potential of blockchain technology and smart contracts in driving innovation, reducing operational costs, and creating new revenue streams. They offer the Blockchain Node Engine, a service that enables users to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications.
Despite the ongoing bear market, Tromans reveals that there is still strong demand from enterprises interested in integrating blockchain technology. TradFi companies, in particular, are displaying a keen interest in using blockchain to solve basic finance and accounting problems. However, Google Cloud customers are also exploring the integration of blockchain-based solutions in areas such as digital identity and supply chain management.
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The concept of digital identity has gained significant attention in the Web3 community, especially with the recent launch of Worldcoin. Worldcoin, a biometric cryptocurrency project founded by OpenAI CEO Sam Altman, aims to revolutionize the way digital identities are verified. Tromans acknowledges the importance of digital identity and its potential in the Web3 landscape.
Although blockchain technology holds immense potential, Tromans believes that it will not see mass adoption until user experience improves. He argues that the average user, who might not be familiar with blockchain or possess technical knowledge, should not have to deal with concepts like private keys. The technology should be seamlessly integrated into their experience, much like how the average web browser utilizes complex protocols without requiring users to understand their inner workings.
To achieve this level of usability, Tromans stresses the importance of frictionless solutions that enable users to recover private keys easily and ensure the security of their data. By removing these complexities, the technology can provide a fantastic user experience and drive its widespread adoption.
Tromans predicts that when user experience is optimized and blockchain technology is seamlessly integrated into various industries, it will have a transformative impact. He envisions the technology being used for payments, lowering costs in the gaming industry, and allowing artists to monetize their work without requiring knowledge of the underlying technology. When Web3 achieves mass adoption, it will no longer be referred to as Web3 but will simply be considered part of the web.
In conclusion, the crypto industry should shift its focus from token prices to exploring the potential of smart contracts in solving real-world business problems. Google Cloud recognizes the value of blockchain technology and has witnessed strong demand from enterprises looking to integrate it into their operations. However, mass adoption will only be possible once user experience improves, and the complexities of blockchain are abstracted away. Only then will the technology truly revolutionize various industries and become an integral part of the web.
