Science & Tech

Web 3.0: A Game-Changer for India’s Digital Asset Opportunity

By 2032, India’s digital asset opportunity will be worth $1.1 trillion, and the third-generation web, or Web 3.0, will be critical to realising this potential. However, the numerous and different descriptions employed by specialists make understanding the policy viewpoint of Web 3.0 difficult. The purpose of this article is to describe Web 3.0’s disruptive significance in India’s digital asset opportunity.

What is Web 3.0?

  • Semantic web: Web 3.0 preserves the semantic web property, which is powered by Artificial Intelligence (AI).
  • The capacity to recombine information: The true value of the semantic web is its ability to recombine information from other websites to develop more authentic and creative content and knowledge resources.
  • Data analytics capabilities: Web 3.0 supporters argue that their version is provided with significant data analytics capability. It is suggested that Web 3.0 will result in considerably superior search engines.

Web 3.0’s advantages for the Indian handicraft industry

  • Web 3.0 has the potential to enable India’s handicraft firms to secure their innovations using digital tokens. Web 3.0-based instructional tools could also enable the quick diffusion of grassroots innovations from master craftspeople to fellow members, enhancing the economic fortunes of craftsmen and artisan communities in north-east, western, and peninsular India.
  • Rural development: India’s big digital public infrastructure push, as well as large-scale Internet of Things (IoT) deployment in rural development projects, offer significant opportunities for installing Web 3.0 in rural areas. Web 3.0’s (decentralised) analytics solutions could aid in overcoming the community’s limited data analytics skills.
  • For example, Web 3.0 could provide insights from enormous amounts of community data gathered by IoT-enabled development programmes like the Jal Jeevan Mission. The natural benefit of Web 3.0 in supporting analytics at the edge opens up a lot of possibilities for mapping community water use behaviours.
  • Capital mobilisation: Web 3.0 has the ability to develop asset tokens that are native to the next-generation web and can be used as capital mobilisation tools for Web3 projects. Tokens can also be used by DAO stakeholders to exercise their voting rights.
  • Web3 aims to replace microeconomic organisations with decentralised autonomous organisations (DAOs) using peer-to-peer transactions. Web3 systems would, in general, improve the efficiency of peer-to-peer transactions.
  • Data storage: Web3 pushes for decentralised data storage solutions in order to break the oligopolistic grip that technological behemoths have on data. Web3 offers file-sharing platforms like the Inter-Planetary File System that are cryptographically protected, more secure, and capable of operating independently of the Internet and blockchains.

What are the obstacles to Web 3.0 in India?

  • Lack of infrastructure: Web 3.0 necessitates a strong and dependable internet infrastructure, which many portions of India now lack. This can stymie the spread of Web 3.0 technology, particularly in rural areas.
  • India continues to have a big population with inadequate digital literacy. This can make understanding and accessing Web 3.0 applications challenging for consumers, especially in distant places where access to digital devices and the internet is limited.
  • Regulatory issues: The deployment of blockchain and cryptocurrency technologies, which are key to Web 3.0, is being hampered by regulatory issues in India. The government has been slow to adopt these technologies, which may stymie the development of Web 3.0 applications.
  • Skill shortages: Developing Web 3.0 apps necessitates a specialised set of technical abilities, which are currently in short supply in India. Bridging this skill gap will be critical for enabling Web 3.0 technology development and deployment in India.
  • Concerns about security: Web 3.0 apps are built on decentralised systems, which are by definition more safe than centralised systems. They are, however, still vulnerable to cyber attacks and security breaches.

Obstacles to data analytics in remote locations

  • The community lacks data analytics capabilities, resulting in unused data resources such as the Atal Bhujal Yojana.
  • The rate at which data is generated in rural areas is surpassing the capacity of data analytics to keep up.
  • In rural areas, there is a scarcity of data analytics skill.

Way ahead

  • Creating a third-generation online strategy that maximises public interest by merging Web3 and online 3.0 capabilities.
  • Offering incentives for decentralised analytics and tokenizing them in order to tap into the skill pool for the benefit of rural areas.
  • Investigating tokenization and using blockchain technologies for development programmes, as outlined in India’s National Blockchain Strategy 2021.
  • Addressing issues include lack of awareness, regulatory ambiguity, and inadequate infrastructure.
  • Building capabilities in rural areas for data analytics and web design.
  • Incentives for the use of Web 3 applications in rural development programmes and community data initiatives.
  • Collaboration with worldwide specialists to benefit from their expertise and experience in the subject.
  • Increasing the potential of Web 3 technologies through facilitating research and development.
  • Assuring that Web 3 development is inclusive and accessible to all, regardless of socioeconomic background.

@the end

The National Blockchain plan 2021 of India must develop a third-generation web plan that maximises public interest by combining the beneficial aspects of Web3 and Web 3.0. It is conceivable to draw on the skill pool for the benefit of rural communities by offering incentives for decentralised analytics and tokenizing them. Web 3.0 has the potential to be a game changer for India’s $1.1 trillion digital asset opportunity by 2032.

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