#Nasscom report on web 3.0

[a1blogger-blog]

India Is Preset To Take Charge At Web3, But How?

Data is, very often, remarked as the oil of the present progressive century and rightly so. But the downside is that such oil remains in control of data hubs and is thus owned and managed by some corporate hubs. Tech news updates in India.  

But to break away from the tradition, we have Web3 avatar, which is developed on the robust foundation of blockchain technology.

[assetfinx]

Web 3.0: Know The Pros Of New Technology

Web 3 has led to numerous innovations and a number of real-world problem-solving solutions. However, their true potential cannot be realised until the new technology is fully integrated into the web infrastructure.

Says Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech platform, “We are now entering the third era of the internet, also used in the tech buzzword web 3. This is primarily possible because of its decentralised nature, community-driven aspect, and data ownership by people instead of a few companies. It will combine four technologies: IoT (Internet of things), artificial intelligence/machine learning, data science and blockchain, and 5G telecom capabilities.”

Web 3 Adoption In India

India has been one of the early proponents of Web3 technology. It was also ranked first in terms of global crypto adoption, according to a survey conducted by Finder, a global research platform, in July 2022. Additionally, according to the Cryptotech Industry in India 2021 report by NASSCOM and WazirX, India is home to more than 230 Web 3 start-ups already.

“India has been a frontrunner in IT & Software, and right now, global investors are investing huge capital in Indian-made crypto and blockchain ventures. I believe India will be a significant player in building the future of the Internet though some caution on the policy side will be required. Web3 in India can simultaneously flourish with the right people (founders), investments and the policy,” says Seinberg.

But the new technology comes with its pros

Pros Of Web 3.0

Faster And Fairer: As more people invest in cryptocurrency, they would want to use it for the full range of transactions that fiat currently allows, such as lending and borrowing, investing in assets, and making payments.

In June 2022, Chainanalysis, a blockchain data firm, released The Chainalysis State of Web 3 report which mentioned that web 3 will enable faster and more convenient transactions. For instance, in today's world, borrowers must go through a time-consuming mortgage application process that heavily relies on human judgement. In a web 3 world, this process becomes faster and fairer. Borrowers can simply link their wallets and an algorithm could instantly give them a “yes or no” based solely on their financial profile and transaction history as represented on a blockchain.

Direct Relationship Between Sellers And Customers: Web 3 technology can also eliminate middlemen, allowing sellers and customers to interact directly. For example, consumers can now easily connect with artists or creators via social media platforms.

NFTs are already enabling much of this, largely in static digital art, but the arrangement could easily be replicated in music, films, and other mediums.

Decentralisation: Web 3 has the potential to decentralise the business world by allowing community ownership of companies as opposed to the current norm of hierarchical corporate control. We see this happening now with decentralised autonomous organisations also known as DAOs, where all buyers have a stake in decision-making.

Kavya Prasad, founder of Lumos Labs, an innovation management firm, says, “The decentralised structure is the staple of Web 3 technology. It allows users, innovators, and others exploring the space to avoid middlemen, red tape, tedious documentation, and other administrative processes. It also allows for direct channels of communication, learning, earning, and even governance. It is steadily moving towards the DAO infrastructure where the users of the community hold the governing power in terms of voting rights, decision-making power, etc, for the web 3 firm.”

Source: Outlookindia

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India Web3 talent driven away by lack of regulatory clarity: Nasscom

India Web3 talent driven away by lack of regulatory clarity: Nasscom

India’s lack of regulatory clarity on crypto and Web 3.0 is a driving force of critical human capital flight, according to a new report by the non-profit industry association, the National Association of Software and Service Companies (Nasscom). See related article: India crypto exchanges plan long-term future as day traders flee Fast facts “Clarity on policy will unleash multiple initiatives and…

[cryptosnewss]

Report: India ranks third in the world in terms of Web 3.0 workforce size

Report: India ranks third in the world in terms of Web 3.0 workforce size

According to a new study released by the National Association of Software and Services Companies (NASSCOM), a non-profit organization in India with more than 3,000 members, the country currently has 11% of global Web 3.0 talent. This figure makes India third in the world when it comes to its Web 3.0 workforce, today employing nearly 75,000 blockchain professionals. In addition, the industry group…

[technuter]

Metaverse Emerging as a Fast-developing Technology Sector

With the market size predicted to reach nearly ~$1.3 trillion by 2030, Metaverse is one of the fast-growing technological domains. To discuss the future business opportunities and innovations in the Metaverse ecosystem, eminent industry leaders and stakeholders convened at the first-of-its-kind Metaverse Conclave, organized by Meity - NASSCOM Centre of Excellence, in association with K-Tech. The event also witnessed the launch of the ‘Metaverse: Entering Into a New Reality’ report, which highlights the development stages of the metaverse ecosystem, its challenges and future business opportunities. The report also elaborates on the current state of the market, important milestones, and players in the Metaverse universe, showcasing key use cases and industry case studies. Sharing his views, Eske Bo Knudsen Rosenberg, Consul General, Denmark, said, “Metaverse is definitely an area that we are looking into. We are working towards how we connect the interesting things of the Metaverse ecosystem with that of India and together create interesting opportunities for the future.” Dr Rohini Srivathsa, National Technology Officer, Microsoft India, said, “Through the metaverse, we are igniting a new wave of immersive experiences in our personal lives, redefining how we collaborate at work and generate new ideas faster and more effectively as well as connecting the physical and digital worlds to drive us forward into the world of industries. As we move forward on this journey, startups, large corporations, governments, and industry bodies will need to ensure that the metaverse stays and grows sustainably as a safe, secure and open ecosystem.” Discussions around the importance of Metaverse adoption across enterprises, industries, start-ups, and sectors, including manufacturing, health, fashion, marketing, and education, among others were some of the key highlights at the conclave. The day-long event further outlined the opportunities and challenges for tech start-ups in the age of Web 3.0 and Metaverse as well as how their adoption can enable India to become a global technology and development hub. Shankar Venugopal, SVP, Mahindra & Mahindra, said, “The automotive industry is transitioning, from IC-based engines to electric vehicles. What it means is ensuring reskilling at scale, focused collaboration across the globe to accelerate new product development and getting close to the customers involving them to co-create products. In all this, I believe Metaverse has great potential and can actually enable all these three in a smart and effective manner.” Sanjeev Malhotra, CEO, NASSCOM Centre of Excellence, said, “Metaverse is an emerging technology where so much interest and work is happening across the board. Its use cases are not only limited to training, retail, or education but metaverse is now being adopted across manufacturing and healthcare as well. We are working with the ecosystem to increase awareness, create more applications and bring key technologies like AI, IoT and Metaverse together, to make a bigger impact.” The event witnessed participation from over 400 delegates and stakeholders of the ecosystem including, large tech and non-tech enterprises, builders, innovators, investors, consultants, and key participants from the academia, to collaborate and exchange ideas for driving and leading the Metaverse revolution in India. Speakers at the event included various Industry leaders like Anil Menon, CIO, Lulu Group; Nirav Parikh, CIO, MFL; Shilpa Shree Nayak, Director – Head Data and Open Innovation, Natixis, Rajesh Mirjankar- Managing Director & CEO, Kiya.AI; Nirupam Srivastava, SVP, Hero MotoCorp; Surbhi Gupta, Head of Digital, ACC Ltd; Dr. Yasha Pandit, Director, PWC; Karan Singh, Managing Director, ACG ; Amit Doshi, CMO India, Brittania; Avinash Deepak, Senior Vice President, Airtel, among others. Read the full article

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Blockchain, deep-tech startups growth in India now on par with developed economies: NASSCOM

Blockchain, deep-tech startups growth in India now on par with developed economies: NASSCOM

The National Association of Software and Service Companies (NASSCOM), an Indian technology-focused private trade association and advocacy group, has highlighted the significant growth in “deep-tech” startups. This includes startups that rely heavily on technologies such as blockchain, Web 3.0, artificial intelligence (AI), robotics, and the Internet of Things (IoT), among other areas. In a report…