James Tromans, the Head of Web3 at Google Cloud, presented his view on Web3 during an interview with Cointelegraph. He believes the crypto industry needs a new perspective: a shift of focus from token prices to utilizing blockchain's potential for solving genuine business challenges. In the interview, Tromans highlighted the significance of concentrating on business logic within smart contracts rather than being preoccupied with token supply and demand dynamics.
Tromans expressed that the true essence of Web3 lies in effectively using smart contracts to execute business strategies and tackle specific business issues. In this context, Tokens serve as tools to facilitate these operations rather than being the central concern. He advocated a move away from excessive emphasis on tokens and speculative trading when discussing Web3.
Google Cloud, now a significant player in the blockchain domain, offers services like the Blockchain Node Engine, allowing users to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications. Tromans firmly believes that using blockchain and smart contracts can drive innovation, reduce operational costs, and create new revenue streams.
Here is what we, at Lab51, believe to be the most interesting quote by Tromans: “When Web3 hits mass adoption, we won't call it Web3. We'll just call it the web again”.
Despite the crypto market's fluctuations, Google Cloud has observed robust demand from enterprises seeking to integrate blockchain technology. Most of this interest has come from the traditional financial sector aiming to streamline financial and accounting processes. However, customers are increasingly considering the integration of blockchain in digital identity and supply chain domains.