Introduction:
Web3 technology has made significant strides in recent years, with its impact being felt across a range of industries. However, as its use continues to expand, questions about its ethical implications have started to arise. During the second day of Paris Blockchain Week 2023, a group of experts came together to discuss the “Ethics of Web3.” This article explores the key takeaways from this discussion, highlighting the challenges of navigating the evolving ethical framework of Web3.
The Lagging Ethical Framework of Technology:
Moojan Ashghari, co-founder of Thousand Faces Web3 investment club, kicked off the panel by stating that the ethical framework or standard of technology will always lag behind its introduction. This is because technology evolves at a rapid pace, whereas ethical frameworks take time to develop and catch up.
This is a challenge that Web3 is currently facing, as its potential uses continue to expand at an unprecedented rate. The technology has the potential to revolutionize industries such as finance, healthcare, and even social media, but it is important that ethical considerations are taken into account.
The Need for Ethical Considerations in Web3:
One of the key challenges of Web3 is ensuring that its uses align with ethical considerations. For example, decentralized finance (DeFi) has the potential to democratize access to financial services, but it is important to ensure that the technology is not used to exploit vulnerable individuals or perpetuate inequality.
Similarly, Web3 has the potential to transform the healthcare industry, but ethical considerations must be taken into account to ensure that patient data is not misused or exploited. These challenges require careful consideration and collaboration between technology developers, industry experts, and policymakers.
The Role of Governance in Web3:
Another challenge of Web3 is the lack of governance mechanisms in place. This is because Web3 is a decentralized technology, which means that it operates without a centralized authority. While this has many advantages, it also means that there is no clear way to ensure that ethical considerations are taken into account.
