The crypto industry needs to shift its focus from token prices to exploring how smart contracts can solve real-world business problems, according to James Tromans, Head of Web3 at Google Cloud. In an interview with Cointelegraph, Tromans emphasized the importance of prioritizing business logic within smart contracts rather than getting caught up in the supply and demand dynamics of tokens. He stated, “What are the business problems that you want to get executed?…the token is not the thing, it’s the business problem that’s the thing.” Tromans called for a move away from token speculation and a deeper examination of how smart contracts can contribute to innovation, cost reduction, and new revenue streams.
Google Cloud is actively involved in the blockchain space, offering its Blockchain Node Engine service, through which users can access blockchain data, conduct transactions, build smart contracts, and run decentralized applications. Tromans argued that blockchain technology and smart contracts have the potential to bring about significant advancements in various industries. Despite the bear market, he revealed that Google Cloud has witnessed strong demand from enterprises looking to integrate blockchain into their operations. The traditional financial sector has shown particular interest in blockchain solutions to address finance and accounting challenges. However, customers are increasingly exploring the integration of blockchain-based solutions in digital identity and supply chain.
Tromans also acknowledged the need to improve the user experience of blockchain technology for mass adoption to occur. He highlighted the importance of abstracting complex concepts like private keys away from average users who may not be computer scientists or have a deep understanding of blockchain. Drawing a parallel to web browsing, where protocols like TCP-IP and HTTPS are hidden from users, Tromans stressed that Web3 should strive to achieve the same level of simplicity. He emphasized that Web3 developers need to create frictionless solutions that enable seamless private key recovery and data management, ultimately leading to a fantastic user experience.
Tromans predicted that when blockchain technology is seamlessly integrated into various industries and solves problems related to payments, game development costs, and artist remuneration, it will no longer be referred to as Web3. Instead, it will simply be recognized as the internet as a whole.
In conclusion, Tromans believes that the crypto industry should focus on leveraging smart contracts to address real-world business problems rather than fixating on token prices. With Google Cloud’s involvement in the blockchain space and the growing interest from enterprises, innovative solutions are being developed in finance, accounting, digital identity, and supply chain. To drive mass adoption, it is essential to improve the user experience of blockchain technology, ensuring that it is accessible and user-friendly to a wider audience. Once integrated seamlessly into various industries, blockchain technology will become an integral part of the internet landscape.
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