While the traditional finance (TradFi) sector currently drives most enterprise demand for blockchain technology, digital identity and supply chain are emerging as exciting use cases too, according to James Tromans, Google Cloud’s Head of Web3.
In an interview, Tromans stressed that the crypto industry is overly focused on token prices rather than using smart contracts to solve real business challenges. He said the emphasis should be on the business logic enabled by smart contracts, not token speculation.
Tromans explained that Google Cloud has seen consistent enterprise interest in leveraging blockchain for efficiency and innovation despite the bear market. Most demand is from TradFi, but customers are looking more at blockchain-based identity and supply chain solutions.
Digital identity in particular is gaining traction following the recent launch of the biometric crypto project Worldcoin. However, Tromans argued blockchain won’t see mass adoption until user experience substantially improves.
He said average users shouldn’t need to understand private keys. Frictionless solutions for key recovery and data handling are needed for a fantastic user experience. Once UX is optimized, blockchain can solve problems across numerous industries, Tromans added.
When blockchain seamlessly enables payments, reduces costs for gaming, and helps creators monetize work without knowing the tech specifics, it will drive widespread adoption per Tromans. He said blockchain tech needs to become invisible to users, like the protocols powering the internet today.
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