Accenture's top executive speaks on crypto's portability in Davos 2023

Image: Shutterstock

In the World Economic Forum 2023, currently held in Davos, consulting and IT services giant Accenture's Senior Managing Director, David Treat, spoke at length about crypto and web3 and Accenture's views about the space. He revealed that Accenture favoured web3 and its benefits and was 'leaning heavily' towards its potential.

He spoke about how the metaverse's various aspects, including virtual reality (VR), augmented reality(AR), and tokenization, could disrupt businesses and create new revenue streams. Accenture had claimed after a survey that the metaverse could create $1 trillion worth of business opportunities by late 2025.

Treat emphasized building "architectural patterns" that could establish a sense of trust with users in case of any event gone wrong. Focus on audit control, governance and thinking creatively to work through hybrid structures could help build trust with users, claimed Treat. He then shifted the focus to portability in crypto, where users could use a single device across various blockchains.

He said, "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," further adding, "And if that's a different ledger with a different wallet, that's a pretty dystopian outcome."

A renewed focus on crypto in the World Economic Forum, Davos, could bring back the spotlight to the industry, which has been going through a difficult period since 2022. Though the new year has been positive for the crypto markets, the industry is still being viewed by critics suspiciously due to multibillion-dollar scams and frauds in the space. 2023 could be a turning point for the industry as governments worldwide move towards framing regulations and new laws for the crypto industry.

This year in Davos, the World Economic Forum has seen a subdued presence of crypto firms after a large turnout in 2022, but continuing discussions by large firms like Accenture would help the community. There is no doubt that top technology companies of the world have invested their time and money to stay updated with the latest crypto trends, as such trends will become more mainstream in the future. 

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash