Web 3.0 and Metaverse aim to create a transactional universe, governed by the principles of self-sovereignty, interoperability, standardized fair frameworks, security, privacy, speed of operation, enhanced experience, and liberation of opportunity. As the enablers of transactions and security, the rapid development of successive financial technologies will form the central nervous system of this evolving domain.
With a competitive talent pool and growing adoption of Web3.0-native goods and services, India has established itself as a major player in the global Web3.0 market. Today, India is home to more than 11% of Web3.0 talent.
In this context, the IET Blockchain Working Group has created a playbook that provides insight into the rapidly changing Web3.0 landscape and recommends solutions to position India as the next global Web3.0 and digital asset hub. In an exclusive interview with CXOToday, Sharat Chandra, Chairman – Blockchain Working Group, IET Future Tech Panel, shares his views on the future of Web3.0 and metaverse in India.
1) What is the current reality of Web 3.0 in India?
The regulatory uncertainty associated with virtual digital assets has led to an exodus of talent and capital to geographies with favorable taxation and innovation-friendly jurisdictions. With more than 400 web3 startups and a rapidly growing Web3 developer population, India has the potential to ride the web3 wave and create the infrastructure layer for the new version of the internet, powering the decentralized web3 economy.
2) What role will Web 3.0 and Metaverse play in India’s digital economy
-India is uniquely positioned to leverage the trillion dollar opportunity offered by Web3 native and metaverse based ecosystems. India’s current G20 presidency gives us the mantle to shape global regulation of digital assets and spearhead growth to achieve the goal of trillion dollar economy.
3) What are some uses for banking services in Metaverse
“With the rollout of retail and wholesale central bank digital currencies, banks and financial institutions are experimenting with use cases to leverage the revenues from metaverse trading and immersive worlds. Banking with respect to wealth management and cross-border trading is likely to be reshaped by banks launching their virtual salons in the metaverse.”
4) How can we bridge the gap between virtual and real economies?
” Technologists and startups need to work together to enable a seamless transition of activities across the virtual and real world. High-speed, low-latency networks are needed to support this transition. Robust cyber security frameworks are necessary to ensure data sovereignty, protection and privacy.
5) What are some ethical issues that need to be addressed?
“Issues regarding cyberbullying, abuse, and threats to individuals’ data and privacy are amplified in the immersive world. Existing laws will have to take into account the new set of challenges posed by rogue elements in the metaverse. Law enforcement will be another challenge .”
6) Is there a threat of large technological players monopolizing the metaverse? How can this be resolved?
“Monopolization of the metaverse by bigtechs is an imminent threat. There is a movement towards building open and inclusive metaverses. Meta’s walled garden version of the metaverse is hardly finding takers, and Meta’s reported losses tell a telling story about the viability and profitability of metaverses built and governed by major technologies Bodies such as the Metaverse Standards Forum and the Open Metaverse Alliance for Web3 work to democratize access to the metaverse and enable innovation
7) Why did you feel the need for a Web 3.0 playbook at this stage? How does it contribute to the ecosystem?
The Web3 narrative in our country has been overshadowed by crypto-specific developments. The discourse on web3 needs to include all aspects of technology, policy making, taxation and a sandbox approach to test and implement use cases to accelerate the growth of the web3 ecosystem in countries.
Therefore, IET India’s Blockchain Working Group’s playbook has advanced recommendations to all stakeholders to create an enabling environment for the growth of the web3 industry. We are also working on creating a use case repository for web3 use cases focusing on the gig economy, sustainability, financial inclusion, smart cities and healthcare to help startups and governments create use cases that aim to solve government and citizen-centric problems. “
