Oleg Kurchenko Discusses the Future of Data and Asset Management at Money20/20
This year Money20/20 features the new format of the general debate called a challenge to bring together the industry hive-mind to ideate and co-create a solution for the most complicated challenges in the industry. Oleg Kurchenko, Founder and CEO of Binaryx, has joined the challenge “What infrastructure do we need to enable individuals to control their data and assets in all of their variety?”, as one of the pre-selected participants.
Here are the key takeaways from Oleg Kurchenko’s ideas to contribute to the debate:
- The range and number of assets is constantly growing making it hard for people to manage their private property. Now, people have tens of thousands of assets compared to those they had just about fifty years ago.
- New classes of assets, such as cryptocurrencies or personal data, are difficult to manage. The issue of cryptocurrency management will likely be resolved by dint of Web3-wallets and projects that create infrastructure for token exchange and data conversion between different blockchain platforms. Among the instances of successful solutions in this regard are DeFi aggregators and all-in-one tokenization platforms.
- The scope of the data management issue is much wider than meets the eye. It’s a deal-breaker between users and large corporations, which collect, analyze and monetize big data. Being the source (subject) of data generation for users is not enough to participate in the allocation of the income earned on their monetization.
- In financial services, data plays a key role across so many different functions. For example, now data helps to protect from fraud transactions before they are complete. The main step ahead of data’s evolution is data democratization, which means enabling everybody to work with data comfortably and make data-based decisions. We need to provide individuals with tools for data management to eliminate faulty consequences for businesses.
- To be eligible for management of personal data the following steps should be taken: creating a comprehensive regulatory framework, resolving the problem of data collection by platforms, and the market should be brought into line with the common standards.
- The future of the unlimited number of asset management is close. Two ways of solving this issue are delegating the major portion of management to AI and creating a one-stop-shop solution.
Money20/20 Europe was held September 21st – 23rd, 2021, in Amsterdam.
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