The future potential of the internet has been much of fascination and debate over the past few decades. It is difficult to comprehend that in the short few decades, technology has come so far along and the internet has become a ubiquitous medium for communication, commerce and entertainment and still, a lot is yet to be reimagined. Every transformation has made hardware more personalized and the internet creating more real life utilities and changing how we work and live.
Today, blockchain technology is driving another wave of transformation and driving scenarios that were not imaginable before.
Blockchain contributing to the adoption of Web 3.0
Web 3.0 is known for its decentralised, open and trustless protocols. The goal of blockchain protocols is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is a foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed making transactions more secure and verifiable. Powered by factors like trust and accessibility, blockchain is touted to be the future of Web 3.0. Besides, the rapid popularity of digital assets and 5G rollout is also making blockchain an important technology for the growth of Web 3.0. According to a research by Grand View Research, the Web 3.0 blockchain market size is expected to reach USD 33.53 billion by 2030, growing at a CAGR of 44.9% from 2022 to 2030. Looking at the potential of blockchain and the various developments in the space, blockchain has become an enthralling concept.
Growing adoption of blockchain
Web 3.0 is touted to disrupt the way enterprises operate with its ability to construct new web protocols and infrastructures and help developers build decentralized applications (dApps) and, blockchain, in particular, is going to play a key role in revolutionizing the way we interact with enterprises, institutions and each other. In India alone, there are several novel cases of Web 3.0 technology adoption in the public and private spheres. In one such case, the Firozabad Police announced the launch of the Firozabad Public Grievance Management System, which would allow citizens to register their complaints and store them on the blockchain, ensuring that these complaints are not tampered with. On one hand, the technology brings transparency and on the other hand, it allows trust to be built between law enforcement and society at large.
New players entering the space
Blockchain is one of the key elements transforming businesses. Many new-age companies are starting their business with the deployment of blockchain. Blockchain technology represents a valuable opportunity for businesses to create efficiencies in their ecosystems and cut down on an expensive and inefficient layer of intermediaries. In this digital era, modern companies are deploying emerging technologies to stay ahead in the market. By using blockchain technology in their processes, companies can bring protection, fairness and equality. Today, businesses are looking to eliminate time-consuming business operations and complexities. Apart from bringing efficiencies in business processes, blockchain technology gives increased security to companies. By actively addressing the threats and providing protection, businesses will be able to manage costs and drive innovation.
The future of blockchain
Blockchain is in its nascent stage and has a lot of scope for evolution in the coming future. Blockchains promise to completely redefine ownership, cost structures, business models, value and bargaining power across a broad spectrum of the economy. While blockchain has brought prominent innovations, it has also started conversations around the security of transactions and the privacy of users. This has given birth to the concept of zero knowledge. The idea behind zero-knowledge proof is that a user can prove to another user that they know an absolute value without actually revealing any other or extra information. While the concept of zero-knowledge is still at a nascent stage, it is slowly picking up the pace and is expected to grow in the coming years. While blockchain has brought advantages like transparency and decentralization, it has also opened up the door for privacy-related concerns. The combination of blockchain technology and zero-knowledge has the power to bring immutability and security.
The need for the right talent
Blockchain has been a revolutionary change that has opened new avenues in Blockchain development. Blockchain has created numerous job opportunities for developers, coder lovers and tech enthusiasts across the globe. The ever-evolving nature of the industries and the rapid adoption of blockchain technology ensures the ever-increasing need for an adept workforce. India with its large skilled and English speaking workforce has the potential to lead the global transformation to Web 3.0.
Disclaimer
Views expressed above are the author’s own.
END OF ARTICLE
-
Union of 100 states: Why India must have many small states. It will make for better economy and better politics
-
MPs, use the break: Budget session’s second half should hopefully see some quality arguments on the GoI economic policy
-
Was Adani stock rise really a con? GoI’s ex-CEA & IMF’s Executive Director, India, argues a plausible explanation for the high market valuation was a combination of public capital spending and irrational exuberance
-
Maharajah of deals: How AI plane orders can increase India’s strategic leverage and manufacturing prowess
-
America’s wild balloon chase: Is expending $4,00,000 missiles on $400 or $4,000 Chinese pop-ups the best use of America’s resources? Its vigilance has failed to check a far more insidious Chinese incursion
-
Make then sell: India’s ambitious defence export target comes up against long delays in product development
-
Fasten your seatbelt, India: Air India’s huge order has multiple implications, for the airline, for civil aviation, for policy and for manufacturing. Here’s a deep dive
-
Planes + NDRF = Help: Does the aid to Turkiye and Syria mark the coming of age of India’s humanitarian assistance?
-
Indian avatar of USAID: Does the aid to Turkiye and Syria mark the coming of age of India’s humanitarian assistance?
-
Let the Brits keep the damn bauble: Indians should be thoroughly unimpressed with Camilla’s crown minus Kohinoor
