Accenture hints at future scale of web 3

Web 3 technology and other underpinning solutions require consumers and businesses to adapt.

IT consultancy Accenture has weighed in on the future of cryptocurrencies and what consumers, businesses, and governments can expect.

According to the company’s senior managing director David Treat a lot of what businesses do in future will be based on web 3 technology.

According to Treat, who spoke to First Mover by CoinDesk from the World Economic Forum at Davos 2023, solutions such as augmented reality and virtual reality, along with metaverse and tokenization will be part of the main focuses of the digital economy in coming year.

The successful adaptation to these trends and their successful implementation into real-world business models will determine the success of certain businesses and undo others.

The metaverse is already on track to hit $1tr in value for businesses by 2025.

However, to execute any of this, companies will have to build strong architectural patterns and establish trust with users. There will be a lot of room for creative solutions to change the paradigm of how people do things right now.

One of those is “portability”, a concept which he describes as consumers adapting portable devices that can then be connected to multiple blockchain solutions in order to offer flexibility and frictionless use of digital technologies.

“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 told the publication.

Back in 2022, Accenture was hit by a ransomware, but overall it has remained very happy with the prospects web 3 technology provides as indicated by Treat’s words.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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