Google Cloud Executive Web3 is for solving business problems, not for speculating token prices.

Google Cloud Executive Web3 is focused on solving business problems, not speculating token prices.

Author: Brayden Lindrea, Cointelegraph; Translation: Song Xue, LianGuai

The head of Google Cloud Web3 stated that the cryptocurrency industry is too focused on token prices rather than figuring out how to use smart contracts to solve real-world business problems.

James Tromans, the head of Google Cloud Web3, emphasized the need to pay more attention to the business logic in smart contracts rather than the supply and demand dynamics of tokens: “What business problems do you want to solve? When you run a smart contract to execute some business logic to solve your business problems, you are using tokens, but tokens are not the problem, the business problems are the problem.”

“So I hope we stay away from all the discussions about tokens and token speculation, as if that is Web3 – actually, that is not Web3,” Tromans added.

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One of the main blockchain services provided by Google Cloud is the blockchain node engine, which provides users with a self-hosted node to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications.

Tromans believes that blockchain and smart contracts can bring innovation, reduce operating costs, and create new sources of revenue.

James Tromans (center) from Google Cloud recently participated in a panel discussion at Token 2049 in Singapore. Source: Google Cloud

Despite being in a bear market, Tromans stated that Google Cloud still sees strong demand from companies looking to integrate blockchain technology:

“In the past 12 to 15 months, in the traditional enterprise field, the interest in using blockchain technology to improve efficiency, reduce costs, and accelerate innovation has not disappeared.”

Tromans explained that most of the demand comes from the TradFi sector, aiming to solve basic financial and accounting issues. However, he added that Google Cloud customers are increasingly considering integrating blockchain-based solutions into digital identity and supply chain.

Recently, with the launch of Worldcoin, a biometric cryptocurrency project founded by OpenAI CEO Sam Altman in 2019, digital ID has become a hot topic of debate in the Web3 world.

Blockchain technology is not yet invisible enough

However, Tromans believes that blockchain technology is unlikely to be widely adopted, at least not until user experience improves.

“If ordinary end users (not computer scientists, not familiar with blockchain) have to understand their private keys – we are wrong. They need to be abstracted,” he explained.

“When you load a web browser, you are using a series of high-tech features such as TCP-IP and HTTPS. These protocols have no meaning for most people,” Tromans added, and suggested that Web3 should strive to achieve the same goal.

Tromans said that Web3 developers need to build inclusive solutions to help users recover their private keys and manage their data, so that they have an “outstanding” user experience.

He said that when the user experience is optimized, blockchain technology will solve a series of industry problems.

“When this technology can solve payment issues, help games reduce costs, or help artists be more creative and get rewarded, they can have their own careers without really understanding how the technology works, which is crucial for the widespread adoption of this technology.”

“When Web3 is widely adopted, we won’t call it Web3 anymore. We will call it the network again,” he said.

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