IT services and consulting firm Accenture is leaning heavily on the potential of Web 3, according to David Treat, senior managing director at the company.
Joining CoinDesk TV’s “First Mover” from the World Economic Forum (WEF) at Davos 2023, Treat said that metaverse-enabled capabilities, including 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.
In a survey earlier this year, the Dublin, Ireland-based consulting firm said that by late 2025, the metaverse is likely to fuel a $1 trillion opportunity for businesses.
Nonetheless, according to Treat, it comes down to building “architectural patterns” that establish trust with users in the event something does go wrong.
“That requires some governance, audit control and ability to think through the hybrid structures that we’re working with to do that in different creative ways,” Treat said.
The key step is portability, where users should be able to have a portable device that can be used across difference blockchains, according to Treat.
“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 said. “And if that’s a different ledger with a different wallet, that’s a pretty dystopian outcome.”
