Davos 2023: Accenture Executive David Treat says future of Crypto self custody will be portability

Treat also said that the key step is portability, where users should be able to have a portable device that can be used across difference blockchains. (Representative image)

Accenture, the IT services and consulting firm, is leaning heavily towards the potential of Web 3, according to the company's senior managing director, David Treat.

Speaking at 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, according to a report by CoinDesk.

Treat further said that it comes down to building 'architectural patterns' that establishes trust with users in the event something does go wrong.

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“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,” he added.

According to Treat, the key step is portability, where users should be able to have a portable device that can be used across difference blockchains, the report further added.

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“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,” he further added.

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.