David Treat, senior managing director of Accenture, talks why consumers should be able to move their data and crypto from one location to another live from the World Economic Forum in Davos, Switzerland.
Accenture, an IT services and consulting giant, is betting big on Web 3’s potential, according to David Treat, senior managing director.
Treat, a “First Mover” from the World Economic Forum (WEF) at Davos 2023, told CoinDesk TV that metaverse-enabled capabilities such as 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.
According to a poll conducted earlier this year by the Dublin, Ireland-based consulting firm, the metaverse will likely create a $1 trillion potential for businesses by late 2025.
Nonetheless, Treat believes that it boils down to developing “architectural patterns” that establish trust with consumers in the event that something goes wrong.
“That necessitates some governance, audit control, and the ability to think through the hybrid structures that we’re dealing with in different creative ways,” Treat explained.
According to Treat, the essential step is portability, where users should be able to have a portable gadget that can be utilised across different blockchains.
“I need to be able to carry that object, as well as the identity that I’ve acquired or my money, and move it to a different digital context,” Treat explained. “And if it’s a new ledger with a different wallet, that’s a really bleak consequence.”
