In the past 12 to 15 months, the craze of technologies like Web3 and blockchain has hit heights, mainly in terms of improved efficiency, innovation, and reduced costs. The recent statement of Google Cloud’s Web3 Leader, James Tromans, takes the focus of the world towards the power of Web3, mainly in the business marketplace. The technology has the potential to alter the business environment in a positive way.
Web3 at a Glimpse
In an interview with Cointelegraph, James Tromans focused more on the utilization of Web3 technology and smart contracts for business problem-solving in spite of focusing on the demand and supply of tokens. Web3, a new iteration of WWW incorporating ideas like blockchain technologies, decentralization, and token-based economies is all set to offer an advanced and immersive internet experience. Web3 technology is an evolution of WWW offering individuals concepts like decentralization, control over personal data, and expanded data connectivity.
In addition to this, a high level of transparency and security is another factor that makes Web3 an unbeatable part of the cryptocurrency as well as the business world.
Let’s take a look at the potential of Web3 in the business world.
The Perspective of James Tromans
According to him, the crypto sector is more focused on token prices and not on coming up with innovations to solve real-world business issues. Smart contracts, used for making transactions, can broadly be used to solve critical business problems.
Smart contracts and web3 technologies have enough potential to make business operations much more smoother. “The demand for blockchain technology integrated business is high in the market”, stated Tromans. The continuous evolution and magic of blockchain technology in the crypto space escalated the demand for technologies like blockchain and Web3 in real-world businesses. He also clarified the sectors where the demand for the technologies is high.
The TradFi sector is the one where the demand for technology is high in order to solve basic finance and accounting issues. However, Google Cloud consumers are looking for integrated blockchain solutions in the field of supply chain and digital identity. The launch of Worldcoin can be one of the main reasons for the increased demand for Web3-like technologies in the business world. Individuals are demanding for Digital ID to maintain their unique and identifiable position in the market.
If a technology is capable enough to solve payment issues, and gaming challenges and make it easy for the artist to shift to the online platform, then the technology can also resolve the business challenges to make a better marketplace, Tromans added. “Hitting mass adoption will shift the Web3 technology again to Web” stated Google Cloud’s Web3 Lead.
Google Cloud’s Web3 Lead, James Tromans uncovered the potential of technologies like Blockchain and Web3 in real-world businesses. According to him, Web3 and smart contracts have the potential to resolve the real-world problems faced by the commercial sector. The technologies will work well for financial sectors.