At the Benzinga Future of Digital Assets conference, experts examined the evolving digital space, focusing on how Web3 technologies could transform data ownership and decentralization.
Leaders in the field shared their thoughts on overcoming technical and regulatory hurdles while building systems that empower users and reduce dependence on centralized models.
A Call for Data Ownership
Markus Kuhnert, CEO of 1iO, stressed that Web3's primary goal is to give users control over their data. "Web3 is all about cutting out the middleman economy… it's about ownership, owning the data, owning the infrastructure," he explained. According to Kuhnert, decentralization allows individuals and businesses to regain authority over their information, ensuring they can decide how and where it's used.
Kuhnert argued that decentralization should not be limited to financial systems but should extend to all forms of verifiable data. "We need to bring it back to the people and the organizations who produce it," he said, calling for a comprehensive shift toward systems where data creators hold the power.
Usability Challenges in Web3
While decentralization holds promise, panelists acknowledged that accessibility remains a challenge. Tanya Solati, vice president of business development at Propy, described the current tools as complex for everyday users. "It's so hard to navigate, and let's face it, I even struggle with private keys, wallets, and decentralized apps," she admitted.
Solati proposed a hybrid model, which she referred to as "Web 2.5," to make decentralized technologies more user-friendly. By blending the scalability and ease of traditional systems with decentralized tools, Solati suggested that Web3 could attract a broader audience.
Retaining Users Through Value
Another discussion point was maintaining user engagement in a volatile space. Aviad Stein, global head of strategy and innovation at Broadridge Financial, emphasized the importance of delivering tangible benefits. "It's about finding the happy medium between user control and the value they get from granting access to their data," Stein said.
He added that transparency around data use and value would be critical in keeping users invested. Kuhnert echoed this sentiment: “If there's value in it, then people will keep using it."
Building for the Future
As the conversation concluded, panelists looked ahead to the challenges and opportunities in decentralized technologies. Solati pointed out that fostering user engagement would require better tools and clearer value propositions, ensuring that Web3 can weather market shifts and grow its user base.
With a focus on decentralization, user control, and practical solutions, leaders at the event outlined a path forward for digital assets that emphasizes empowerment and trust.
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