Future of Crypto Self Custody Will Be Portability, According to Accenture Executive

 Future of Crypto Self Custody Will Be Portability, According to Accenture Executive

David Treat, senior managing director of Accenture, talks why customers should have the choice to migrate their data and cryptocurrency from one location to another live from the World Economic Forum in Davos, Switzerland.

s

According to David Treat, senior managing director of the company, Web 3 has a lot of potential for the IT services and consulting giant Accenture.

s

While participating in CoinDesk TV's "First Mover" segment from the WEF at Davos 2023, Treat asserted that metaverse-enabled capabilities, such as augmented reality (AR), virtual reality (VR), and the ability to tokenize "identity, money, and objects," can simultaneously change business models and open up new revenue sources.

s

According to a survey conducted earlier this year by a consultancy firm based in Dublin, Ireland, by the end of 2025, the metaverse would likely present a $1 trillion potential for enterprises.

Nevertheless, Treat claims that the key is to create "architectural patterns" that foster user trust in the event that something does go wrong.

To achieve that in various inventive ways, Treat said, "that requires some governance, audit control, and ability to think through the hybrid structures that we're working with."

According to Treat, the most important stage is portability, where users should be able to have a portable gadget that can be utilised across several blockchains.

Treat stated, "I need to be able to take that thing, the identity I've received, or my money and transfer it to a different digital setting. "And that's a really dismal outcome if that's a new ledger with a different wallet."