James Tromans, Google Cloud’s Web3 lead, said the crypto industry is overly focused on token prices instead of using smart contracts to address real-world business challenges.
Tromans urged the sector to shift its attention from token supply and demand dynamics to the business logic embedded in smart contracts. He believes that while tokens are used in executing smart contracts, the focus should be on solving business problems, not the tokens themselves.
Despite the bear market, Tromans noted that demand from enterprises to integrate blockchain technology remains strong, particularly in the TradFi sector, digital identity, and supply chain.
However, he argued that for blockchain tech to see mass adoption, the user experience must improve and become as seamless as using a web browser. Ultimately, when Web3 technology is widely adopted, it will simply be referred to as the web, Tromans said.
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