September 18, 2023

Google Cloud Official: Web3 Solves Business Problems More Than Token Prices Only

Google Cloud

Google Cloud

Head of Web3 at Google Cloud James Tromans said the crypto industry should prioritize solving real-world business issues using smart contracts instead of solely focusing on token prices.

Tromans emphasized the importance of focusing on the business logic within smart contracts rather than the token’s supply and demand dynamics in an interview with Cointelegraph.

Tromans noted: “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.”

“So I would like us to get away from all this talk about tokens and token speculation as if that is Web3 — that is not Web3,” Tromans added.

Google Cloud’s Blockchain Node Engine is a significant blockchain service that allows users to access blockchain data, conduct transactions, build smart contracts, and operate decentralized applications through a self-hosted node.

Tromans emphasized that blockchain technology and smart contracts have the potential to foster innovation, reduce operational costs, and create new revenue streams.

Although the cryptocurrency market has been down, Google Cloud has still received a lot of interest from businesses seeking to incorporate blockchain technology.

Most of this interest has come from the traditional finance sector, as they aim to resolve fundamental issues with accounting and finance.

Nevertheless, Google Cloud users are also exploring integrating blockchain-based solutions in digital identity and supply chain areas. However, Tromans believes that the mass adoption of blockchain technology won’t happen until user experience has improved.

Tromans stated that for a “fantastic” user experience, Web3 developers must develop seamless solutions to aid users in recovering private keys and managing their data.

He also lauded the blockchain’s potential in solving problems in different industries.

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