India is one of the
world's most dynamic and fastest-growing markets, and the country's Web-3
ecosystem is no exception. With the country's rapidly expanding digital population,
and the increasing adoption of blockchain-based technologies, Web-3 is becoming
an increasingly important part of the Indian economy. Web-3 is an umbrella term
that describes a range of decentralised technologies, such as blockchain,
distributed ledgers, and smart contracts. These technologies create new, more
efficient, and secure ways of doing business. In India, Web-3 has been embraced
by the public and private sectors, with several government initiatives launched
to drive adoption and development. For example, the Indian government has
established the Ministry of Electronics and Information Technology (MeitY) to
oversee the country's Web-3 ecosystem. Through MeitY, the government is helping
to develop the infrastructure needed for Web-3 technologies, investing in
research and development and creating regulatory frameworks.
The government is
also providing incentives to businesses and startups to encourage the adoption
of Web-3 technologies. The Indian web-3 ecosystem is built on a decentralised,
distributed and immutable ledger technology, which makes it more resilient
against cyber-attacks and data breaches. The private sector has also been
investing heavily in the Web-3 ecosystem. Several Indian startups have launched
blockchain-based solutions to improve the efficiency of processes such as
payments, supply chain management, and digital identity management. These
startups are also driving innovation in the Web-3 space, with new applications
and services being developed. The growth of the Indian Web-3 ecosystem has been
further spurred by the country's large and rapidly growing digital population.
With more than 500 million internet users, India is the world's second-largest
internet market. This means an increasingly large and technologically advanced
user base for Web-3 technologies. The increasing adoption of blockchain-based
technologies is also driving the Indian Web-3 ecosystem by large corporations.
Companies such as Reliance, Tata, and Wipro are investing in blockchain-based
solutions, and the central bank of India has launched a blockchain platform for
interbank payments. Overall, the Indian Web-3 ecosystem is one of the
fastest-growing worldwide. With the government's support and investment, the
private sector's innovation, and the country's large and technologically
advanced user base, Web-3 is set to become increasingly important in the Indian
economy.
Akhilesh Srivastava Global Technology Leader,
has successfully led numerous e-governance projects, including the FASTag
(India's electronic toll collection system), the e-Tendering platform (the
Central Public Procurement Portal used by almost all central, state, and PSUs
for bidding), the e-Measuring Book (for transparent measurement of the project
under execution), the citizen-centric highway information mobile app Sukhad
Yatra, the Geo-Fencing in India. In addition, the Road Safety 2.0 programme of
the World Economic Forum is now being led by Mr Akhilesh Srivastava. With a
technology-driven strategy to build a human-centric road ecosystem where
technology makes up for human limitations to increase road safety, Road Safety 2.0 is "Shaping the
Future of Road Safety in India."
The Web-3 Ecosystem
in India is one of the most rapidly expanding in the world. Between 2014 and
Q3-2022, Indian Web-3 startups raised around $1.5 billion in funding. When we
consider technology and how it has evolved, Web-3 is already dominating. I
believe there will be a significant change in how financial data is collected,
handled, and reported. Metaverse Banking elevates Net Banking by providing
clients with a more individualised user experience and data visualisation.
Several of the big banks have already begun making investments in this field.
Recently, the Union Bank of India announced the opening of the Metaverse
Virtual Lounge to give its clients a distinctive banking experience.
Customers can
explore the lounge and get information on bank savings, loans, government
assistance programmes, and digital initiatives like real-world experience,
thanks to Metaverse. One essential use case for banking is the capability to
virtually visit a bank. Machine learning can help us make the accounting
process better. As a result, the creation of useful information for making
decisions will be considerably more machine-driven. GST and income tax return
fraud may be found using AI and ML. Records and certificates may be secured
using blockchain technology. The handling of financial information will undergo
significant change due to the implementation of Web-3.
Conclusions
Web-3 Ecosystem
technologies are being developed more effectively and doing business practices.
India's public and business sectors have adopted Web-3, and the government has
sponsored several measures to encourage adoption and growth. Building a
human-centric road ecosystem where technology compensates for human limitations
to improve road safety is the goal of
this technology-driven strategy. The government also incentivises startups and
small enterprises to promote Web-3 technology.
Source link: https://medium.com/@akhlisheshsrivastva/utilising-the-potential-of-indias-web-3-ecosystem-to-unlock-new-opportunities-1b8a94698f56
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