The future belongs to Web3, and it is time to back it

Though the Web3 startup sector is facing financial challenges, there is little doubt it is going to deliver economic and technological gains in the long run

- PARTH CHATURVEDI

Web3 is envisioned to be the next generation of the Internet, built using blockchain technology. After Webl (read-only), wherein users could just consume information from a source, and Web2 (read and write), wherein users could consume and interact with online information, Web3 (read, write, and own) promises to let users consume, interact and even own their data. Using the principles of blockchain, Web3 is more decentralised and secure than the current Internet, Web2, where centralised platforms dominate online economies. Web3 is an evolution of the Internet and has the potential to impact a wide range of industries beyond finance, including but not limited to governance, healthcare and education.

The world is already witnessing various applications of blockchain technology across the public and private sectors. Noteworthy government-backed projects in India include the West Bengal government's partnership with Airchains to establish blockchain-based land ownership and caste certificates recorded on-chain in Maharashtra, built by Legit Docs. India's corporate sector has also started recognising the potential of Web3, with industry leader Reliance expressing interest in exploring blockchain platforms in its latest AGM. This is a global phenomenon, with prominent brands like Nike, Reddit and Starbucks increasingly incorporating NFTs into their brand engagement strategies and major financial players like PayPal introducing their stablecoins for payments. The country is at the cusp of blockchain-powered innovations gaining mainstream adoption soon.