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Web3 Is Not For Token Prices; It Is About Fixing Business Issues: Exec of Google Cloud

2023-09-18 16:00:36

In the words of Google Cloud Head of Web3 James Tromans, while TradFi is the key industry driving interest in blockchain technology, digital identification and supply chain are also promising fields.


Speaking to Google Cloud's Web3 lead, the cryptocurrency sector is far too preoccupied with token pricing rather than working out how intelligent contracts can be utilized to address actual business issues. James Tromans, Head of Web3 at Google Cloud, emphasized in a conversation with Cointelegraph the necessity to place greater emphasis on corporate rationale in the smart contract as opposed to the token's supply and demand behavior: Therefore, Tromans continued, “I wish for us to stop talking about cryptocurrencies and token speculating as if that is Web3 — that isn't Web3.”

Its Blockchain Node Engine provides customers with a self-hosted terminal to access information from the blockchain, perform operations, create smart contracts, and operate decentralized apps. This is one of Google Cloud's key blockchain offerings. Blockchain technology and smart contracts, according to Tromans, can promote creativity, cut operating expenses, and create new sources of income.

Tromans said that the TradFi industry has generated the majority of this demand to address fundamental accounting and financial issues. However, he continued, more and more Google Cloud clients are looking to integrate blockchain-based technologies in their online identities and supply chain. With the newest edition of Worldcoin on July 24 — an iris biological crypto project launched by OpenAI CEO Sam Altman in 2019 — digital ID especially is an ongoing subject of debate in the Web3 community.

Blockchain Technology Is Not Entirely Apparent

Nevertheless, Tromans contends that until user interface advances, it is unlikely that blockchain technology will achieve widespread acceptance. Their firm has got it incorrect if the typical consumer, the one who isn't an IT expert and doesn't comprehend blockchain, needs to know what their personal information is. They must be detached from, he said. Tromans stated that most people don't understand any of these standards, and that Web3 should aim for the exact same thing. For users to have an excellent browsing experience, according to Tromans, designers at Web3 must create seamless methods to aid in the recovery of encrypted keys and the maintenance of the information they have provided.

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