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Hall at Consensus 2023

Consensus 2023

Coindesk celebrated 10 years of its longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. As one of the most significant global summits focused on Web3 and blockchain technology, the event is often compared to the Super Bowl and World Cup in the blockchain field, and the Cannes Film Festival in the Web3 space. A common theme throughout this years conference centered around regulations driving the fate of the industry.

While Web3 organizations convened at this years Consensus conference, an increase in representation from mainstream American corporate brands such as PepsiCoPEP, Golden State Warriors, Anheuser-Busch and Warner Music Group complemented the optimism of Web 3 enthusiasts, rallying to showcase latest improvements to their protocols or partnerships. Seemingly, their optimism in the industry continues despite the bleak regulatory outlook or lack thereof. Taken from 5 Consensus 2023 takeaways, Ben Schiller, head of Consensus Magazine asserts Additionally, what's evident is that the lack of policymaking and predictable enforcement in D.C. is a wider threat to the U.S. than we might think. Its a concern for American competitiveness at large and, at this point, its really unforgivable. Europe and much of Asia now have relatively clear frameworks and in what is supposedly a major hub for blockchain industry, we still dont. That affects an increasingly large number of people and organizations.

How exactly will organizations benefit from Web 3.0 despite a lack of policy-making in the US?

The term "Web 3.0" refers to the next generation of the internet, (an improvement of Web 2.0) which is expected to be a more decentralized, user-centric, and secure web experience. While the idea of a new and improved internet sounds promising, without clear cut regulations, some experts argue that the current vision of Web 3.0 is missing the mark.

One of the main goals of Web 3.0 is to create a more decentralized internet that is not controlled by a handful of tech giants. However, the current approach to decentralization is focused on using blockchain technology, which has its own set of limitations. For example, the energy consumption required to maintain a blockchain network is immense, and it is not a sustainable solution for the long term.

Additionally, the current focus on blockchain-based solutions is not addressing the root cause of centralization on the internet, which is the concentration of data in the hands of a few large companies. Decentralization alone will not solve the problem if the underlying data is still controlled by a handful of players.

Another issue with the Web 3.0 vision is the emphasis on user-centricity. While this is an admirable goal, it is not enough to create a truly user-centric internet. User-centricity should not only focus on creating a better user experience but also on empowering users to control their data and privacy.

The current approach to Web 3.0 is also missing the mark when it comes to security. While the idea of a more secure internet is appealing, the current focus on blockchain technology as a solution is not addressing the many other security vulnerabilities that exist on the internet. For example, phishing attacks, social engineering, and malware are still major security threats that need to be addressed.

Moreover, the current focus on Web 3.0 is primarily on the technical aspects of the internet, such as blockchain technology and decentralized applications. However, the social and economic implications of a new and improved internet are not being fully considered, which provides opportunity for regulators and policy makers to adequately address. For example, how will the new internet impact job markets, income inequality, and social structures?

In conclusion, while the idea of Web 3.0 is exciting, and weve just celebrated a decade old industry event, the current approach to achieving it still require a few kinks to be ironed out. A more comprehensive approach that addresses the root causes of centralization, empowers users, considers the social and economic implications, and addresses all security threats is needed. Only then can we create a truly decentralized, user-centric, and secure internet.

Named as one of the top women, leaving their mark on the MedTech field in health IT, by Beckers Hospital Review, Chrissa McFarlaneis the Founder and CEO of Patientory, Inc., headquartered in Atlanta. McFarlane founded Patientory in December 2015 after seeing the need in the market for more personalized and secure consumer-driven health information management solutions.

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Is Web 3.0 Missing The Mark? - Forbes