Google Cloud Exec says Web3 is about solving business problems, not token price stability

James Tromans shared his opinion on Web3’s vision and said that the Crypto sector mainly focuses on Web3 use in the crypto token price stability.

Google Cloud Platform (GCP), offered by Google, is a suite of cloud computing services that runs on the same infrastructure that Google uses internally for its end-user products. For the last couple of years, Google Cloud engaged in Blockchain, Web3, & crypto-focused services.

On 18 Sep 2023, James Tromans, the head of Web3 entity of Google Cloud, spoke about Web3 technology with Binance-owned crypto news platform Cointelegraph.

James said that Web3-related development activities should be focussed on pushing the use of Web3 solutions for business-related problems, instead of maintaining & managing the supply of crypto tokens.

“What are the business problems that you want to get executed? When you’re running a smart contract to execute some business logic to solve your business problem, you’re using a token, but the token is not the thing; it’s the business problem that’s the thing,” Google Executive said.

Google’s Web3 head executive directly denied talking about the crypto tokens or any kind of token price speculation on behalf of Web3 technology.

According to James, the Web3 & blockchain technology solution may bring ways for companies to reduce operational costs as well as new revenue streams.

James noted that Web3-focused solution demand surged rapidly among those companies that provide finance and accounting, traditional finance (TradeFi). With the help of Web3 & blockchain technology, they want to reduce their operation cost and are also willing to bring a better level of efficiency to the services.

Furthermore, James shared his opinion on the popularity of blockchain technology and said that people will not come to know about it at a huge level because this is back-end technology and it will work at the core of the tech solution but people will know about Web3.

Read also: Crypto trading volume plunges badly on BinanceUS amid its legal conflict with regulators

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