Benzinga - If you had wandered into the “Digital Asset Security: Navigating the Institutional Landscape” panel at the Benzinga Future of Digital Assets Conference, you’d have found yourself watching a fascinating conversation take place.
It was a meeting of minds where seasoned pros from the finance world shared their playbook for making digital assets more secure and resilient.
The topic? How to smartly blend the tried-and-true methods of traditional finance (tradfi) with the bold, new world of digital asset security.
The Challenge of Bridging New and Old Finance David Schwed, COO at Halborn, highlighted a significant gap between tradfi’s understanding of Web3 security and its implementation.
"There is really a difference between Web3 security from an enterprise perspective and the Web3 security that's natively in the organization. There is a huge gap," he said.
Schwed underscored the pressing need for integrating Web3 expertise within tradfi institutions to fully harness and operationalize these new technologies.
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Enhancing Traditional Systems with Blockchain Carlos Vivas, director and senior principal engineer at Depository Trust and Clearing Corporation (DTCC), discussed blockchain’s potential to solve existing reconciliation issues in tradfi.
"DTCC, I think we all understand the potential this technology has, and it’s great to think there is a golden source of truth that everyone can rely on," Vivas remarked.
He advocated for scaling blockchain solutions to mesh seamlessly with existing financial structures.
Revolutionizing Custody in the Crypto World Shimon Lazarov, CMO at Unchained, introduced a unique approach to cryptocurrency custody, addressing the importance of security without sacrificing simplicity.
"What we do at Unchained is that we hold over 3 billion dollars of bitcoin in our custody, so that's more than most other exchanges," he explained.
Lazarov discussed their multi-institutional solution that distributes keys among various institutions, enhancing security by eliminating single points of failure.
The Benzinga Future of Digital Assets Conference panel, which was moderated by Carole House of Terranet Ventures, provided valuable insights into the evolving world of digital asset security, blending perspectives from traditional and modern financial systems. The expertise shared by Schwed, Vivas and Lazarov pointed towards a future where digital assets are managed with enhanced security, fostering trust and confidence in this rapidly growing field.
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Photo: Piboon Thongtanyong for Benzinga
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