How can we add trust to on-chain RWA data? | Co-hosted by RWA World

The Spaces discussed the challenges and opportunities of tokenizing real-world assets (RWA) on blockchain, highlighting the importance of data standardization and trustworthiness. Key speakers from RWA World, Chronicle, Cordora, and SYNX shared insights on their current practices and technologies for maintaining data accuracy and integrity. Discussions also covered the need for decentralized data sources, potential solutions for data privacy issues, and future technologies that could enhance RWA data on-chain quality. The importance of collaboration within the industry to establish standards was emphasized.

RWA Standardization and Data Trustworthiness

Introduction

Speakers included representatives from RWA World, Chronicle, Cordora, and SYNX, who discussed the challenges and opportunities in tokenizing real-world assets (RWA) on the blockchain.

Data Needs for RWA

Participants emphasized the importance of standardized data for various RWA categories. Matt from Cordora explained their credit assessment methodologies and the role of real-time data. Rob from SYNX discussed the need for consistent data formats to make machine learning models more effective.

Challenges of Data Accuracy and Trust

Nicholas from Chronicle pointed out the moral hazard if the data is provided solely by the issuer, emphasizing the need for independent verification. Tyler from RWA World highlighted the gap between blockchain technology and traditional banking systems, which still often rely on outdated infrastructure. The importance of pulling data from diverse and reliable sources was discussed to prevent situations akin to the FTX fiasco.

Privacy vs. Transparency

The discussion also touched on balancing data privacy and transparency. Rob from SYNX suggested using encryption methods to protect data, while Matt from Cordora highlighted the need for appropriate controls and processes to manage sensitive data.

Emerging Technologies

The panel looked at emerging technologies like zero-knowledge proofs and secure computation technology to improve data integrity and trustworthiness. They agreed that continued decentralization would reduce biases and enhance data reliability.

Closing Thoughts

Speakers echoed the sentiment that industry collaboration is crucial for establishing standards and fostering innovation in the RWA space. The importance of self-regulation to avoid heavy regulatory burdens was also emphasized.