Web3’s Role In India
Context:
The massive digital public infrastructure push in India, as well as the deployment of Internet of Things in rural development initiatives, provide opportunities for delivering Web 3 in rural areas.
Points to Ponder:
- Experts use several descriptors to refer to the third-generation web, such as Web3 or Web 3.0. Web 3.0 emphasises the use of artificial intelligence to generate new content and information resources, whereas Web 3.0 emphasises decentralisation, privacy, blockchain technology, and crypto-assets.
- Web3 intends to change the way data is generated, marketed, shared, and circulated by campaigning for decentralised data storage platforms in order to break the oligopolistic grip of IT behemoths on data.
- Non-custodial wallets are an important component of Web3, serving as digital passports that allow users to access blockchain-enabled transaction platforms. This enables the development of a “ownership economy” in which creators retain control of their content.
- Web3 aims to replace micro-economic organisations with decentralised autonomous organisations (DAOs), resulting in a distributed economic system in which native digital tokens and cryptocurrencies serve as the medium of monetary circulation.
- India can profit from Web3 by securing handcraft industry breakthroughs that are not protected by intellectual property laws with digital tokens. Craftsmen and artisan communities in rural places can benefit from Web3-based instruction tools as well.
- Web3’s decentralised analytics solutions can overcome community-level data analytics restrictions by deriving insights from community data provided by IoT-enabled development programmes like the Jal Jeevan Mission.
- The National Blockchain plan 2021 of India intends to investigate tokenization and blockchain solutions for development programmes, making it a natural evolution for India to establish a third-generation web plan that maximises public interest by merging Web3 and Web 3.0 characteristics.
