IT services and consulting firm Accenture is leaning heavily on the potential of Web 3, according to David Treat, senior managing director at the company.
Joining CoinDesk TV’s “First Mover” from the World Economic Forum (WEF) at Davos 2023, Treat said that metaverse-enabled capabilities, including augmented reality (AR), virtual reality (VR) and the ability to tokenize “identity, money and objects,” can simultaneously shift business models and tap into new revenue streams.
In a survey earlier this year, the Dublin, Ireland-based consulting firm said that by late 2025, the metaverse is likely to fuel a $1 trillion opportunity for businesses.
Nonetheless, according to Treat, it comes down to building “architectural patterns” that establish trust with users in the event something does go wrong.
“That requires some governance, audit control and ability to think through the hybrid structures that we’re working with to do that in different creative ways,” Treat said.
The key step is portability, where users should be able to have a portable device that can be used across difference blockchains, according to Treat.
“I need to be able to bring that object, and the identity that I’ve received or my money and take it to a different digital context,” Treat said. “And if that’s a different ledger with a different wallet, that’s a pretty dystopian outcome.”
Read more: Self-Custodial Onboarding Will Be the Norm in Web3’s 2023/ Opinion
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.