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More businesses to use Web3 technology to expand operations


Express News Service

BENGALURU:  In 2022, from start-ups to IT companies, many organisations spoke about Web3 and blockchain technology. It is expected that in 2023, more businesses will use the new technology to expand and scale up their operations.

Known as a new-era internet, Web3 includes concepts such as blockchain, metaverse and non-fungible tokens (NFTs). The focus on Web3 grew rapidly in India in 2015-17 with the launch of Ethereum. Nasscom in its recent report said Web3 start-ups in India have been growing in last two years and that there are over 450 start-ups at present with $1.3 billion of total investments in last two years until April 2022.

“In 2023 and going forward, almost every sector is expected to adopt Web3 as there will be an increasing demand for better data security, operational transparency and the incorporation of blockchain technology in digital payment systems,” said Sakina Arsiwala, co-founder, Taki, a Web3 social media platform.
Experts at Market Research Future predict in 2023, Web3 blockchain technology sector will be of over $6 trillion, making it one of the fastest-growing industries of the coming decade.

“Web3 and blockchain technology development will continue to deliver a framework that empowers a vast number of users and communities. Web3’s promise to take centralised control away from large companies in favour of the average person will become clearer as greater numbers of participants onboard Web3,” the co-founder of Taki said.

ALSO READ | Investments in Web3 to cross $1 trillion in next 10 years: Nasscom study

According to Arsiwala, blockchain technology is one of the tech trends to watch out for in 2023 and also artificial intelligence (AI) will see an increase (for instance ChatGPT), and more businesses will adopt and work on projects related to tokenisation. In August, CoinSwitch launched Web3 Discovery fund, which will invest in and incubate 100 start-ups building solutions for Web3. A recent report by Xpheno said a blockchain specialist (SME-Developer, Architect) with 2-5 years experience takes home anywhere between `13-32 lakh per annum in Tier 1 institutes. 

India has over 450 Web3 start-ups
Focus on Web3 grew rapidly in India in 2015-17 with the launch of Ethereum. Nasscom in its recent report said Web3 start-ups in India have been growing in last two years and that there are over 450 start-ups at present with $1.3 billion of total investments in last two years



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