Web3 is about solving business problems, not token prices: Google Cloud exec


18 Sep 2023 1:54 AM

The prime focus of Web3 should be on how smart contracts can make businesses more innovative, lower operational costs and create new revenue streams rather than focusing on token charts, says James Tromans, Google Cloud’s head of Web3....

  • Google Cloud's Head of Web3, James Tromans, believes that the crypto industry should focus more on using smart contracts to solve real-world business problems rather than token prices.
  • Tromans emphasizes the importance of business logic in smart contracts and suggests moving away from token speculation.
  • Google Cloud offers Blockchain Node Engine, a service that allows users to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications.
  • Despite the bear market, Google Cloud has seen strong demand from enterprises, particularly in the TradFi sector, for integrating blockchain technology.
  • Tromans highlights the potential of blockchain and smart contracts in driving innovation, reducing operational costs, and creating new revenue streams.
  • Integration of blockchain-based solutions in digital identity and supply chain is gaining traction among Google Cloud customers.
  • Tromans believes that mass adoption of blockchain technology will require improved user experience and abstraction of complex concepts like private keys.
  • Frictionless solutions and enhanced user experience will enable blockchain technology to solve problems across various industries.
  • Tromans envisions a future where Web3 achieves mass adoption and becomes indistinguishable from the traditional web.

The sentiment of the article is generally positive, highlighting the potential of blockchain technology and smart contracts in solving real-world business problems. However, there is also a recognition of the need for improved user experience and abstraction of complex concepts for mass adoption.

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What does Google Cloud's Head of Web3, James Tromans, believe the crypto industry should focus on?What service does Google Cloud offer for blockchain technology?Which sector has shown strong demand for integrating blockchain technology?What are some potential applications of blockchain technology mentioned in the article?According to Tromans, what is necessary for mass adoption of blockchain technology?

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