According to Google Cloud Head of Web3 James Tromans, while TradFi is the primary industry driving demand for blockchain technology, digital identification and supply chain are still promising fields. He says that Web3 is about solving business problems, not token prices.

He believes the cryptocurrency sector is overly preoccupied with token valuations rather than researching how smart contracts might be utilized to address actual business issues.

James Tromans, head of Web3 at Google Cloud, emphasized in an interview with Cointelegraph the necessity to place greater emphasis on the business logic in the smart contract as opposed to the token’s supply and demand dynamics:

“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.

With the Blockchain Node Engine, one of Google Cloud’s critical blockchain services, users may access blockchain data, carry out transactions, create smart contracts, and operate decentralized applications from a self-hosted node.

Blockchain technology and smart contracts, according to Tromans, can boost innovation, cut operations expenses, and create new sources of income.

Web3 is About Solving Business Problems; Hence, The Bear Market Has Little Effect on Google Cloud

Google Cloud Exec Says That Web3 is About Solving Business Problems, Not Token Prices

Regardless of the bear market, Tromans claims that Google Cloud has still seen strong demand from enterprises who want to incorporate blockchain technology:

“Over the past 12 to 15 months in the traditional enterprise space, interest in leveraging blockchain technology to improve efficiency, reduce cost, and improve the speed of innovation hasn’t gone away.”

According to Tromans, the TradFi industry has generated most of this demand to address fundamental accounting and financial issues. However, he said that Google Cloud clients are increasingly considering using blockchain-based solutions in digital identity and supply chain.

Especially after the July 24 introduction of Worldcoin, digital ID has become a hotly debated issue in the Web3 community. Sam Altman, chief executive officer of OpenAI, developed the iris biometric cryptocurrency initiative in 2019.

Blockchain Technology is Not Entirely Invisible

Google Cloud Exec Says That Web3 is About Solving Business Problems, Not Token Prices

However, Tromans contends that once user experience improves, blockchain technology will likely experience widespread acceptance.

“If the average end-user, who isn’t a computer scientist, who doesn’t understand blockchain, has to know about their private keys — we’ve got it wrong. They have to be abstracted away,” he explained.

“When you load the Web browser, you use high-tech capabilities like TCP-IP and HTTPS. None of these protocols mean anything to most people,” Tromans added, suggesting that Web3 should strive for the same thing.

According to Tromans, for users to have a “fantastic” user experience, Web3 developers will need to create frictionless solutions to aid in the recovery of private keys and the maintenance of their data.

He claimed that when user experience is improved, blockchain technology will provide solutions for issues across numerous industries.

“When this technology is solving for payment, helping games have lower cost or helping artists be more creative and get paid for their work so they can have careers but not have to know about how the technology is functioning, that’s critical [and] very, very important for the wide-scale adoption of the technology.”

“When Web3 hits mass adoption, we won’t call it Web3. We’ll call it the web again,” he said.

In conclusion, Web3 developers must consider their users and aim to give them a seamless experience using the technology. This will improve the acceptance of Web3 and permit the users to focus on solving business problems with it.