Web3, supported by underlying blockchain technology, has been pursued by the global industry in many sectors such as FinTech, as well as by government bodies, to promote safe, secure, and well-documented transactions in real estate, among others. India, at the forefront of various IT sectors, has been actively pursuing this amazing technology for the past several years, and we can already witness numerous production deployments.
Many Indian companies and startups have begun to shine in this space, executing global projects using Web3 technologies, as observed by panelists during the Web3 Current Technology Trends discussion organized by TiE Chennai on September 1, 2023, at IIT Madras. According to a study by Grand View Research, the global Web3 blockchain market is projected to reach USD 33.53 billion by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 47.1 percent. India is poised to play a more incremental and significant role in this growth as indicated by a report by NASSCOM. It states that India is already home to more than 450 startups with over USD 1.2 billion in total investments in the last two years. Between 2021-2022 alone, India registered over 170 new Web3 startups, yielding over 50 percent CAGR growth since 2015. Moreover, India contributes 11 percent of the global Web3 talent, positioning the country as the third-largest contributor in this field. This talent pool is experiencing the fastest growth worldwide, projected to increase by around 120 percent by the end of 2024.
J Raman Govindarajan, renowned for his pioneering work in Silicon Valley and India in Enterprise Data Management, and also the CEO of Perfsystems Advisors which offers Technology Advisories for deep tech startups worldwide, moderated the discussion with key players in the Web3 technology space. “The primary objective of the panel discussion was to bring out Web3 success stories, and how large volumes of distributed transactions and data can be handled with persistence, security, and low latency. Blockchain-based technologies, including NFTs, dApps, and smart contracts, are already exerting a significant influence within the domain of Web3. This surge is also providing substantial opportunities not only to major players but also to emerging startups in India,” he said.
Mr. Raman, who has worked with leading companies in Silicon Valley, USA, for over 16 years, with many industry-firsts to his credit, and has been an active participant in numerous global forums, also served as a past Governing Council member of TiE Chennai.
Sharing his expert insights, he remarked, “Blockchain technology is also advantageous as it eliminates the requirement for intermediaries, subsequently decreasing costs and enhancing efficiency. Furthermore, it empowers individuals, corporate companies and governments by giving them more control and enabling trading, thus monetizing their data. Numerous Indian companies have already integrated Blockchain technology into their fundamental operations, which will profoundly influence their digital identity.”
The event held at Mini Auditorium, IITM Research Park, also had product demos from promising startups on Web3. The key speakers also highlighted how brands are increasingly embracing Web3 in order to authenticate the origin of their brand assets. As the era of Generation AI emerges, distinguishing between fake and authentic content is becoming challenging, making Web3 an essential contributor to establish trust within customer interactions.