Is Web3 the future of the internet? Experts weigh in on how businesses can embrace blockchain
In recent years, blockchain technology has emerged as a revolutionary force transforming various industries. This technology has given rise to Web3, the next generation of the Internet built on decentralized networks that enable peer-to-peer interactions.
At TechSparks 2023 Mumbai edition, Deependra SinghHead – Late stage Startup Ecosystem, AWS India; Abhay TandonDigital Innovation Officer, TVS Motor Company; Vivek GuptaChief Technology Officer, CoinDCX; and Vikram R Singh, Founder and CEO, Antier Solutions; discussed how businesses can quickly transition from Web2 to Web3 and embrace blockchain technology to create new opportunities and increase efficiency.
The session was moderated by Pankaj Diwanco-founder, India Blockchain Forum.
Evolution of blockchain technology
What started as an application in cryptocurrencies is now found in almost every industry. Blockchain is no longer just a store of value for crypto; it is more of a transactional mechanism.
“If you have a transaction that needs to go to the system, and it could be from finance, gaming, logistics, identity anywhere, blockchain is probably one of the safest and one of the most trusted places to store it,” Deependra said.
Tandon described trust and decentralization as core aspects of blockchain implementation, both on the business and consumer fronts.
Gupta, meanwhile, said it’s time we take this technology into the mainstream. “We are focused on simplifying the entire ecosystem and driving adoption so more people can get the benefit,” he said.
Antier’s journey with blockchain started in 2016 and it has come a long way since then. As an early mover, Antier developed many solutions around DeFi, NFT marketplaces, and is now focusing on the metaverse. “We have one of the largest blockchain talent pools with more than 600 people working on developing Web3 solutions,” Vikram said.
Use cases and strategies
The often used “Blockchain is a solution looking for a problem to solve” implies that there are no real problems for blockchain to solve.
However, Deependra said the scenario has changed and there are specific use cases that can only be built on blockchain.
Two of the main use cases include DeFi, which is decentralized finance, and the gaming/NFT universe. Also, he said, the authenticity of data stored in the blockchain is extremely reliable, which also makes it a great option especially for governments to store digital data.
Vikram elaborates on an ideal blockchain strategy for businesses to follow, “I think the easiest entry into blockchain is through NFTs. We are working with leading automotive companies and helping them introduce their own NFTs.”
According to him, asset tokenization is yet another way for companies to venture into the Web3 ecosystem.
Public chains vs private chains
Gupta is of the opinion that the Web 3 ecosystem is still evolving and that there is a scope and a use case for everything – be it a public chain or a private one. “Recently, public blockchains have received a lot of attention, mainly due to openness and transparency. However, there are still some security issues.”
He said the ecosystem will eventually tilt towards the public blockchain, but sectors such as healthcare and supply chain will continue to benefit from private chains where data protection is of utmost importance.
Diwan, who moderated the session, also weighed in on the discussion, saying the debate is similar to the public cloud vs private cloud debate.
Blockchain for traditional businesses
TVS Group is a 100-year-old company, but has been experimenting with advanced technology for a long time now. It became the first two-wheeler company in the country to launch its own metaverse.
According to Tandon, blockchain can solve many global mobility challenges. It can also help with data points required to sell a two-wheeler.
“We actually see tangible results, including financial impact. And when you start to show financial impact for an organization, there’s value to the company, there’s value to the customer, which leads to much more retention and engagement. We look at concrete KPIs when it comes to using blockchain and scaling it up,” Tandon said.
