Citi Digital Money Symposium: Global standardisation of cryptoassets is critical

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How valuable is blockchain?

In the panel ‘Money, Tokens, and Games: Blockchain’s Next Billion Users and Trillions in Value’ interesting points were raised by Dr. Ruth Wandhofer, a partner at Gauss Ventures, who spoke on how developments in digital identity need to be made so that customers can retake control over their data at their own volition, rather than relying on algorithms to curate their online experiences.

Ronit Ghose, global head of future of finance and digital at Citi Global Insights, defined the term ‘disruptive technology’, explaining that disruption comes from the margins rather than the big players in the industry. He used e-commerce and online instant payments as an example, stating that AliPay came up with a solution to a problem in the payments system – they were not an incumbent looking to revolutionise the industry, but they did.

Aaron Powers, co-founder and CEO of Hunit, added that the rise of smart contracts is a major contributor to digital identity.

Becks Perfect, founder, Nifty World NFT, noted that the rise of individual digital identities will give the customers and online creators more control over their own data which will completely transform the creator economy and shift away from the dominance of social media.

Perfect explained that gaming is an emerging industry, especially in East Asia, and this will become more prevalent as it continues to adopt Web 3.0 technologies. However, the adoption of gaming will rely on how quickly it evolves, therefore it will not be a rapid rise but a slow climb.

Can digital asset frameworks be efficient?

A panel of experts discussed the progress of digital asset frameworks in the next session ‘Building the Institutional Digital Asset Infrastructure’. The