• The panelists at the Paris Blockchain Week 2023 discussed the ethical implications of Web3.
• They agreed that innovation typically precedes any ethical standards being implemented.
• MiCA regulations in the EU are an example of good behavior being turned into hard law.
At Paris Blockchain Week (PBW) 2023, a group of professionals from the ecosystem took the stage to discuss the „Ethics of Web3.“ Moderator Moojan Ashghari opened up by noting that ethics will always lag behind technology and this is a major challenge for those involved in Web3.
The Need for Ethics in Web3
As Web3 continues to permeate mainstream industries, questions about the ethics needed to operate in this space have been raised. Margaux Frisque, co-founder of Women in Web3 Association and legal adviser, noted that MiCA—a framework soon to be implemented across the European Union—was inspired by feedback from past operations and will oblige businesses to segregate clients’ funds from other accounts as an example of good behavior turned into hard law.
The Challenges Ahead
Although these regulations are a step forward towards creating ethical standards in Web3, panelists also discussed some challenges ahead. David Cagle, Founder & CEO at Ethical Markets Media LLC, spoke about how data privacy should be taken seriously and how regulators should ensure companies abide by their policies so individuals don’t lose control over their data or identities when using applications on top of blockchains. He added that governments must remain open-minded regarding new technologies so they can understand its implications before making any regulations or laws.
The Role Of Education In Establishing Ethics In Web3
Panelist Adriana Belotti emphasized that education is key if we want to create an environment where people understand not only what blockchain enables them to do but also its potential risks such as money laundering and scams. She suggested introducing educational programs with government support so that people can have access to knowledge and information necessary to make informed decisions when using these technologies or investing in them.
Overall, the panel concluded with consensus on needing more regulation around ethics in order to protect users and promote innovation within Web3 without fear of harm occurring due to lack of understanding or malicious intent from bad actors. As new technologies continue being developed and implemented across various industries, it’s important for everyone involved—including regulators—to stay educated on how these advancements may affect society as a whole both now and in the future.