Building a New Economy

During the last 30 years, digital data and artificial intelligence (AI) to exploit that data have emerged as central to management of our society. At the same time, the development of digital networks and big computing centers has promoted centralization of data and digital systems, leaving individuals and communities outside of this new digital ecosystem and without the ability to control local finance, health, or governance systems. New distributed technologies, loosely described as Web3 and employing technologies such as federated AI, blockchain, Internet of Things (IoT), and others, have the potential to give back control of data, AI, and its benefits to individuals and communities. In addition to the many private efforts now being launched, some national governments are aggressively pursuing this new suite of technologies, but with much stronger government oversight. Consequently, there is an urgent need to develop standards that guarantee a Web3 economy that remains truly distributed and yet provides global interoperability along with adequate protection for individuals and communities.