Some say the crypto winter is here, and even the top technology companies are floundering, but the web 3.0 movement is just getting started.
Any monumental shift caused by Web3 will be the world shifting from a “value capture” economy to a “value creation” economy. This will require a new set of rules, which democratizes access to resources for creators and makes value creation as rewarding as capturing value. This means a direct relationship between the human capital and the consumers of its creation.
This, in turn, would mean most resources except intellectual and human capital will become commodities. Human capital as a producer of knowledge-based assets and creative industries will become the world’s primary driver of economic growth.
Although many web 3.0 use cases are still in development, the ability of users to control and own their digital assets and other online content will propel web 3.0 into a new frontier of adoption than ever before. Concrete UX is one of the biggest hurdles in moving blockchain past its web 2.0 rivals.
The one glaringly obvious truth emerging from COP27 is that we will need a solid base of a public-private partnership to head off the current climate challenge.
Web3 technologies will not only spur gargantuan growth to skilled labor in India, with increased security and visibility to tracking complex variables related to sustainability and ethical sourcing, but the blockchain is also set to help procurement organizations in all industries lower their costs and improve performance while driving greater value for their companies.
Web3 opportunities not only exist in providing programming services but are also an all-encompassing future. Here are a multitude of possibilities:
- DeFi lets users save and lend without the need for intermediaries.
- Stablecoins let people store, move and collect value globally, 24/7, and without volatility.
- Non-fungible Tokens or NFTs offer provably unique tokens with functionality, from digital identity to authentic products.
- Decentralized Autonomous Organizations or DAOs, create new organizational structures for global problem solving
All of these technologies are possible through expertise in Web3 to provide and add value to businesses worldwide.
Innovation never waits for anyone, and for the first time, India is ahead in the game when it comes to web 3.0. We have the most highly qualified and competent web 3.0 talent we shipped off to Silicon Valley.
This is why Warren Buffett famously said, “Be fearful when others are greedy, and greedy when others are fearful.”
The big purge by the tech companies of Silicon Valley is a renewed opportunity for world class Indian talent to return to India and be a part of that Web3 revolution that has begun in India.
Blockchain enthusiasts have often complained about the drawbacks of centralization in Web2, but the end user sees robust functionality and an excellent user experience. An experience and strategic deployment of Web3 can also bring those to a decentralized platform.
This is a fantastic opportunity for us to welcome the newly relieved talent from the Silicon Valley into India, and offer them the opportunity to build a Web3 foundation that will make India the envy of the world. Being the most populous democracy in the world, this also means utilizing the Web3 platform to make our public sector more accessible, accountable and transparent, and providing a sustainable decentralized model of “Value Creation” economy of the world.
Adversity creates excellence! It is adversity that pushes us to prove our worth and propels us to deliver excellence, because only our best will do.
Views expressed above are the author’s own.
END OF ARTICLE