Building the Future of Web3: How Decentralization is Empowering Industries and Communities
As the digital landscape witnesses a transformative era with the adoption and acceleration of Web3 technologies, 1871 got in on the action and hosted its first-ever Web3 Innovation Summit on 4.17.24!
In execution with U.S. Blockchain Coalition, Fintech4Good, and WTIA Advanced Technology Cluster, the Summit united key players and industry leaders in Web3, including pioneering startups, investors, and corporate partners for a day dedicated to collaboration & innovation.
Over a full day of programming and immersive discussions, 1871 and its expert speakers held attentive and collaborative sessions on Web3’s impact on the future, focusing on the empowerment of industries through decentralization, while acknowledging the promising state of this technology. More on the themes of the day, below!
Watch the best highlights & industry insights in our 2024 Web3 Innovation Summit recap playlist!
The core of Web3: decentralization & the power of governance
Charles Hoskinson, Founder & CEO at Input Output Global, opened the Summit with a keynote discussion on the importance of governance in the ever-evolving Web3 world.
Web3 is a shift from traditional centralized systems to decentralized networks, where governance is distributed among users rather than controlled by a single entity. As our society continues to rewrite the history of Web3’s integration, Hoskinson emphasized the importance of a collaborative governance — ensuring that its distributed among users and belongs to a collective, rather than controlled and evaded by regulatory measures by a single entity.
This fundamental shift promises to enhance transparency, security, and integrity within its key players.
Web3 innovators @ our startup alley and pitch showcase
Startups pioneering in Web3 were buzzing in our Startup Alley and pitch showcases, where attendees had the opportunity to get an insider-look at the amazing services and products being built by 1871’s 2024 Web3 Innovation Lab cohort.
Congratulations to our pitch winner FreshCredit, and fan-favorite, My-Legacy.ai!
Web3's impact on tech & communities
The financial sector is one of the primary beneficiaries of Web3 technologies. Lauren Thorbjornsen, Chief of Staff and VP of Communications at Stellar Development Foundation gave an energetic presentation, emphasizing that blockchain technology is not just about technological advancements, but should be leveraged to solve real-world problems.
Platforms like Stellar are optimizing blockchain to create more inclusive financial systems with low fees, fast transactions, and enhanced traceability, helping all receive their money without the complexities and hassle of old technology.
The need for education & regulation
Web3 isn’t going to evolve on its own – “this is just the beginning,” according to Thorbjornsen. And no, Web3 is not a get-rich-quick scheme or other commonly heard misconceptions!
Despite the enthusiasm surrounding Web3, widespread adoption faces hurdles, especially due to regulatory complexities and a lack of understanding among the general public. Web3’s panel discussions, ‘Web3 in Action: Real-World Web3 Use Cases’ & ‘What Needs to Be Done for Web3 Mass-Adoption’, candidly discussed the critical need for advocacy and education, alongside community engagement to foster a deep understanding and trust in Web3 technologies.
Panelists include:
- Katia Kobylinski, Head of Partnerships at ETHChicago
- Nathan Love, Sr. Business Development Manager – Wholesale Partnerships & Innovation at T-Mobile
- Sarit Markovich, Professor at Northwestern University, Kellogg School of Management
- Arry Yu, Co-Founder & Executive Director of US Blockchain Coalition
- Nelson Rosario, Founder and Partner of Rosario Tech Law
- Katherine Kirkpatrick, Chief Legal Officer at Cboe Digital
Web3’s evolution is dependent on developing governance models that can adapt and scale. The future of Web3 lies in its ability to integrate with existing systems and markets, overcoming technical and regulatory barriers while demonstrating clear use cases that benefit a wide range of users.
Embracing change and navigating the future
Jeff Gaus, Founder & CEO of The Provenance Chain Network closed out the Summit and expanded the narrative on Web3, portraying it not just as a technological innovation but as a pivotal shift involving a new suite of technologies and governance models.
Gaus emphasized that Web3 should focus on delivering concrete outcomes, urging attendees to think beyond the tools to the satisfaction and results they bring. Highlighting the substantial financial investments flowing into Web3, Gaus also discussed its transformative potential, particularly in enhancing supply chain transparency, traceability, and efficiency.
What’s the future of Web3 for Gaus? He compared the evolution of Web3 to the historical development phases of the internet and computing, suggesting a future where Web3 is seamlessly integrated into mainstream business and governance frameworks.
As we navigate this new landscape, the combined efforts of developers, regulators, and the community will be crucial in shaping a technology ecosystem that is both innovative and inclusive. The journey of Web3 is just beginning, and its true potential is only starting to be realized!
Thanks to all who joined us for our 2024 Web3 Innovation Summit. This day would not have been possible without the support from Fenwick, Hyperledger Foundation, Global Blockchain Business Council (GBBC), Genesis Block, Wave Digital Assets, Chainlink, EX3 Labs, Decasonic, World Business Chicago, Alphabit, ETHChicago, Global DCA, and T-Mobile Wholesale.
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