As we move deeper into 2023, the internet continues to be a crucial platform for financial transactions and business agreements. Despite the widespread use of security measures such as two-factor authentication and password managers, identity fraud remains a significant concern. In 2021 alone, identity fraud cost US businesses an estimated $52 billion and affected 42 million individuals. The situation becomes even more complex with the rise of Web3 – a decentralized version of the internet – and digital technologies like the metaverse, blockchain, cryptocurrency, and artificial intelligence. These developments necessitate a complete overhaul of the legal frameworks designed to protect individuals, their online identities, and digital assets.
This week, the New York State Bar Association and New York University are hosting an event in New York to explore the global implications of these advancements and their impact on the practice of law. The symposium, titled “Deep Dive into the Metaverse and Web3: The Second Global Law Symposium & Tech Summit,” will bring together over 40 legal and technology industry experts from around the world. They will share their insights on the transformative impact of digital technology and AI over two days.
The symposium is expected to be a significant step in shaping new laws for Web3 to ensure its potential is fully realized. The New York State Bar Association, known for its commitment to maintaining high standards of integrity and honor in the profession while promoting necessary legal reforms, is hosting the event in collaboration with New York University. NYU, since its establishment in 1831, has been a pioneer in higher education, catering to an emerging middle class and promoting a global vision across its 20 schools and colleges.
Richard Lewis, president of the New York State Bar Association, said, “Web3 is transforming both the field of law and how lawyers practice. Many of our members are already encountering issues related to emerging digital technologies. With our mission to educate and inform, we continue to support lawyers as they navigate this new digital landscape.”
The symposium will feature sessions on various topics, including Cybersecurity Needs and Concerns for Lawyers Engaging in Use of Web3 & Metaverse Technology, Entertainment Law in the Web3 & Metaverse World, and Artificial Intelligence and the Law: Who Are We Now?
Among the speakers is Karl Kilb, who will moderate a panel on Cybersecurity. Kilb, co-founder and CEO of MC Identity Solutions, Inc., specializes in cybersecurity, privacy, and data protection. He is also the co-founder and Chairman of Crescite Innovation Corporation, focusing on social impact projects and educational content.
Kilb stressed the importance of data protection and privacy in a world of rapidly evolving technologies. He said, “Individuals and organizations, including law firms, need to take appropriate measures to protect their data. Identity fraud costs U.S. businesses tens of billions of dollars annually, with a growing number of law firms targeted by cyber-attacks over the past year for their confidential information and client data. We will focus on best practices and regulatory compliance.”
The symposium will also feature discussions on the regulatory and legislative landscape and the impact of Web 3, the Metaverse, and Digital Assets on legal representation and new legal issues arising from these technologies. By fostering such critical dialogue around Web3 technologies, the event aims to facilitate the growth of the wider industry.
The symposium has received backing from leading organizations in the space, with Crescite Innovation Corporation acting as the lead sponsor. Crescite is a New York City-based company that leverages new technologies to solve problems, including faith-based initiatives and ESG projects.
As Web3 continues to evolve, it’s expected to necessitate new legal frameworks that foster innovation while protecting individual users. The symposium at NYU this week aims to contribute significantly to this progress, helping lawyers navigate this new digital landscape to support clients in the US and globally. This event marks an important milestone in crypto education platform initiatives and the broader application of blockchain technologies.