At the recent Benzinga Future of Digital Assets event, a panel titled “The Promises and Complexity of Internet Breakthroughs” brought together industry leaders to explore how Web3 technologies transform data ownership, user control and business models.

The discussion highlighted the challenges and opportunities in creating a decentralized, user-centric digital economy.

Rethinking Data Ownership in the Digital Age

Markus Kuhnert, CEO of 1iO, emphasized Web3’s potential to return data control to its creators.

“We must bring data back to the people and organizations who produce it. They should own it, handle it, and decide how it’s used,” Kuhnert said. He explained that his company’s technology enables applications to run on personal devices rather than centralized systems, removing the need for intermediaries and enhancing user autonomy.

This vision aligns with the broader Web3 goal of eliminating the middleman. Kuhnert highlighted the growing need for decentralized systems that empower users to monetize and manage their data directly, ensuring greater transparency and value.

Bridging Web2 and Web3

Tanya Solati, vice president of business development at Propy, discussed the challenges of transitioning from Web2 to Web3, describing the current phase as “Web 2.5.” She noted that while Web2 provides scalability and a user-friendly interface, Web3 must address issues of accessibility and usability.

Solati shared insights from her work in real estate, where traditional processes are often slow and laden with intermediaries.

“Purchasing a home should be as easy as trading a stock,” she said, advocating for blockchain solutions that simplify complex transactions and remove inefficiencies.

Challenges in Regulation and Adoption

The panel also addressed the regulatory hurdles facing Web3 adoption. Aviad Stein, global head of strategy and innovation at Broadridge Financial, pointed to a literacy gap within regulatory bodies as a key challenge. He called for greater education on the fundamental differences between Web2 and Web3 technologies to create frameworks that enable ethical and secure applications.

Rich Widmann, global head of Web3 strategy at Google Cloud, stressed the importance of open communication between regulators and industry leaders.

“We’re talking about an entirely new business model with an entirely different tech stack,” Widmann explained. He highlighted the need to distinguish between genuinely new activities and those using tokenization as regulatory arbitrage.

Sustaining User Engagement

The conversation also explored ways to sustain user interest during the digital asset space’s highs and lows. Solati cited examples like Robinhood’s addition of meme coins and community-focused credit rewards as innovative approaches to retaining users. “It’s all about the user experience,” she said.

Kuhnert added that empowering users to control and monetize their data is key to long-term engagement. “If people see value in what they’re using, they’ll keep coming back,” he said, emphasizing the importance of transparency and user empowerment.

Moving Toward a Decentralized Future

The panel concluded with a shared vision of a decentralized digital economy where users have greater control over their data and business models evolve to prioritize value and transparency. As Kuhnert noted, “This is the foundation for a future where decentralization is not just a concept but a practical reality.”

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