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. Despite the bear market, Google Cloud has seen strong demand from enterprises looking to integrate blockchain technology, particularly in the TradFi sector. However, Tromans believes that blockchain technology won’t see mass adoption until user experience improves and private keys are abstracted away for the average end-user. He highlighted the importance of building frictionless solutions and providing a fantastic user experience to drive wide-scale adoption of blockchain technology. When Web3 achieves mass adoption, it will simply be called the web again.
