Indian tech experts are optimistic about the role of Web3, which relies on blockchain for secure and transparent transactions. Companies and startups are adapting it rapidly. As of now, more than 450 startups in this field have attracted over $1.2 billion in investments in a span of just two years. With this, it is justified that the India is emerging as a significant contributor to the global Web3 talent pool.
A recent discussion held at IIT Madras shed light on the immense potential of the Web3 technology. One of its key advantages is cost reduction by eliminating intermediaries, making transactions more efficient. In addition to these benefits, Web3 technologies such as Non-Fungible Tokens (NFTs) and smart contracts are gaining immense popularity in the digital landscape.
The event simultaneously showcased promising startups in the Web3 sphere, highlighting how brands are using the technology to verify the authenticity of their assets. This is particularly important in an age where distinguishing between genuine and fake content, especially in the era of Generation AI, can be challenging. Brands like Nike, Time, and organizers of major events like the Australian Open are already tapping into Web3 to offer personalized experiences to their loyal customers.
In the near future, the financial sector may undergo a significant transformation. Traditional banking possibly could be replaced by FinTech disruptors and offer a wide range of services while adhering to ethical and compliance standards.
Chennai is positioning itself as a global hub for deep tech innovation, and with the continued growth of Web3 technology, it is poised to play a pivotal role in India’s economic landscape.