SUMMARY
India’s large population, tech-savvy citizens, and increasing awareness make it an ideal place for the development and adoption of Web3 technologies
India is home to 450 Web3 firms that have already gone global and 11% of the global Web3 talent employing over 75,000 blockchain professionals
With the right support and investment, India can become a major player in the Web3 ecosystem and shape the future of technology
India is positioned to play a significant role in the development and implementation of Web3 technologies as the country is home to 450 Web3 firms that have already gone global and 11% of the global Web3 talent employing over 75,000 blockchain professionals. The nation’s ecosystem for Web3 has received $1.3 Bn in financing last year, demonstrating the enormous potential our country has for its growth.
What Is Web3?
Web3 is the next generation of the internet, which is expected to be more decentralised, secure, and user-friendly than ever before. Web3 technologies are based on the concept of decentralisation, which means that instead of relying on a single entity to control the data, multiple entities can work together to manage the data. This allows for greater security, privacy, and scalability. It also allows for more efficient and cost-effective solutions to be developed.
Web3 is the successor to Web2, which is the current version of the web. Web2 is characterised by the use of centralised servers and services, such as Google, Facebook, and Amazon. These centralised services are often used to store and process data and are often the target of malicious attacks.
Web3, on the other hand, is expected to be more secure and decentralised, as it will be built on top of a distributed network of computers. One of the key features is the use of blockchain technology which is a distributed ledger technology that allows for the secure and transparent transfer of data and assets.
This technology is used to create a decentralised network of computers, which is used to store and process data. This decentralised network is expected to be more secure than traditional centralised services, as it is not controlled by any single entity.
Another key feature is the use of smart contracts. Smart contracts are computer programmes that are used to facilitate the exchange of data and assets. These contracts are stored on the blockchain and are used to automate the transfer of data and assets. Finally, Web3 is expected to be more open than Web2. This is due to the use of decentralised applications, or dApps that are built on top of the blockchain, and are expected to be more open than traditional web applications.
How Is India Prepared?
India now has the ideal opportunity to influence the global Web3 and crypto market as it has assumed the G20 presidency. India also boasts a high potential for digitally competent workers and ranks third in both the startup ecosystem and unicorns. Due to all of these factors, India is the best country for the large-scale development of Web3 apps.
According to a NASSCOM report, the number of blockchain specialists in India will increase by roughly 120% over the next two years, making the country well-equipped to compete with Web3.
How Can It Help India?
The objectives of Aatmanirbhar Bharat, StartUp India, and Digital India, which support indigenous, digital-first innovation, are aligned with the Web3 movement. This will change many enterprises and promote the adoption of new technology. According to an estimate, the worldwide Web3 boom will boost India’s economy by $1.1 Tnr over the following ten years.
In India, it could be used to create a secure and transparent digital environment for businesses and individuals. For example, businesses could use blockchains to store and share sensitive data, such as customer information, without worrying about it being compromised. This would help to protect them from cyber-attacks and data breaches.
Web3 could also be used to create a more secure and transparent digital environment for financial transactions. By using blockchain technology, businesses and individuals could make secure and transparent payments without having to worry about fraud or identity theft. This would help to reduce the risk of financial crime and make it easier for businesses to accept payments from customers.
In addition, it could be used to create a more secure and transparent digital environment for the sharing of information. We could safely share information using blockchain technology without having to worry about censorship or data manipulation. This would help to protect companies from cyber-attacks and data breaches, while also allowing them to share information more securely.
How Is The Government Supporting Web3 In India?
In India, the government has taken a keen interest in the development of Web3 technologies. It has set up a task force to explore the potential of Web3 and has been actively promoting its use in the country. It has also been encouraging the development of Web3 applications and services and has set up a fund to support startups and entrepreneurs who are working on Web3 projects.
Furthermore, the private sector has collaborated with the government to promote Web3. These companies are working with the government to develop Web3 applications and services that can be used in the country.
Conclusion
India’s large population, tech-savvy citizens, and increasing awareness make it an ideal place for the development and adoption of Web3 technologies. With the right support and investment, India can become a major player in the Web3 ecosystem and shape the future of technology.
