According to Google Cloud’s Head of Web3, James Tromans, while traditional finance (TradFi) is the main driver of demand for blockchain technology, digital identity and supply chain are also exciting areas. Tromans emphasized the need for the crypto industry to focus more on using smart contracts to solve real-world business problems rather than being fixated on token prices. He stated that the business logic in the smart contract is more important than the supply and demand dynamics of the token. Google Cloud offers blockchain services through its Blockchain Node Engine, which allows users to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications. Tromans believes that blockchain and smart contracts can lead to innovation, cost reduction, and new revenue streams. Despite the bear market, Google Cloud has seen strong demand from enterprises looking to integrate blockchain technology, particularly in the TradFi sector. However, customers are increasingly interested in integrating blockchain solutions in digital identity and supply chain. Tromans also highlighted the importance of improving user experience for mass adoption of blockchain technology, suggesting that private keys and technical protocols should be abstracted away for the average end-user. He believes that when Web3 technology is seamlessly integrated into various industries and solves real problems without users needing to understand its inner workings, it will achieve wide-scale adoption and be referred to simply as “the web” again.
