SEEBLOCKS.eu Interview - Web3 and the Future of Digital Ownership with David Schwed (Halborn)

David Schwed, Chief Operating Officer for Halborn, a panellist at SEEBLOCKS.eu Panel at Blockchain Ireland Week 2024, shared his insights on Web3, digital ownership, and the role of standardisation in the evolving digital landscape. With a background in digital assets technology at BNY Mellon and as Chief Security Officer for Galaxy Digital, Schwed brings a wealth of experience to the discussion.

The Importance of Standardisation

Schwed emphasised the crucial role of standardisation in fostering innovation and interoperability:

"Standardisation can provide a basic set of guidelines for organisations to know that if they adhere to these specific [...] guidelines or standards, that they will be able to have interoperability from a legal perspective, from a governance perspective, and from a technological perspective to work within certain ecosystems."

Web3: A Paradigm Shift in Data Ownership

Schwed explained the fundamental difference between Web2 and Web3:

"Web3 is really [...] a paradigm shift in how we think about ownership of data and [...] other types of products and services. So when we talk about the shift from Web2 to Web3, it's really about decentralisation."

He elaborated on how this shift affects user data and control:

"When we talk about Web3 [...] the ownership of that particular data shifts back to the individuals themselves. So the end product or service may look the same and feel the same [...] but the underlying data itself [...] is owned by a particular individual."

Financial Implications of Web3

Schwed highlighted how Web3 could transform financial services:

"In a Web3 decentralised world, we are holding onto our [...] monetary assets and we have control over where it's being sent and how it's being used."

He noted that the benefits of this system vary depending on the jurisdiction and level of trust in central governments and banking systems.

Tokenisation and Liquidity

Schwed introduced the concept of tokenisation and its potential to create liquidity in traditionally illiquid assets:   
 

"Imagine a world in which you can get that liquidity out of your house without having to go to a bank. And the way that would work is you would [...] tokenise your house, and then the ownership of your house is now represented in different tokens or units, and then individuals can now buy those units."

He explained that this approach not only provides liquidity to asset owners but also opens up new investment opportunities:

"You're creating liquidity in an asset that typically would be considered illiquid. And you are now also [...] giving people the ability to own assets that they wouldn't particularly be able to own prior to that."

Conclusion

David Schwed's insights highlight the transformative potential of Web3 technologies, particularly in terms of data ownership and financial services. As the digital landscape continues to evolve, the role of standardisation becomes increasingly crucial in ensuring interoperability and fostering innovation. The concept of tokenisation, as explained by Schwed, presents exciting possibilities for creating new forms of liquidity and democratising asset ownership.

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