Why Business Logic, Not Tokens, is the Real Promise of Web3
Google cloud’s perspective on web3’s real-world applications could lead to additional business interest. The world of cryptocurrencies has an undeniable allure; from the jaw-dropping gains of Bitcoin to the utter unpredictability of Dogecoin. Yet, James Tromans, the Head of Web3 at Google Cloud, wants the corporate world to look beyond the ticker. In a candid conversation with Cointelegraph, Tromans suggested that the crux of Web3 lies in smart contracts’ potential to redefine business operations.
The Overlooked Potential of Smart Contracts
While traditional finance has remained the primary sector dabbling in blockchain tech, it’s essential to understand that smart contracts offer more than financial dealings. They provide a framework for a wide array of applications from supply chain management to digital identity verification. With Google Cloud’s Blockchain Node Engine, enterprises have a golden ticket to this versatile tech space.
Solving Real Business Problems
Tromans emphasizes the importance of understanding business logic in smart contracts. Businesses often get caught up in token speculation, overlooking that tokens are merely a means to an end. What really matters is how these digital contracts can solve specific business problems—cutting costs, driving efficiency, and opening up new revenue streams.
Google Cloud’s Unique Position
Despite cryptocurrency market volatility, Google Cloud continues to experience a surge in demand from businesses keen on integrating blockchain. Google Cloud isn’t just a service but a key player facilitating blockchain adoption across various sectors. Their Blockchain Node Engine offers a gateway to decentralized apps and data solutions.
The Digital Identity Debate
Google cloud’s perspective on Web3’s real-world applications isn’t just about money. The debate over digital identity in the context of Web3 is simmering. Take the launch of Worldcoin, an iris biometric cryptocurrency project, as an example. The endeavor signifies the burgeoning potential of blockchain in matters beyond finance.
Future of Blockchain Tech
The blockchain will be truly transformative when it becomes invisible to the end-user. Tromans advocates for a future where the technology is so seamlessly integrated that it requires no specialized knowledge from its users.
The Road to Mass Adoption
The future, according to Tromans, is straightforward: Web3 will eventually become so commonplace that we’ll drop the 3 and simply refer to it as the web. The transformation is not so much technological as it is ideological, a shift in how we perceive and interact with digital assets.