Web3, Blockchain to significantly contribute to the country's future GDP growth

Web3, supported by blockchain technology, has been pursued by the global industry in sectors such as FinTech and government bodies to promote safe, secure, and well-documented transactions in real estate. India, at the forefront of various IT sectors, has been actively pursuing this technology for several years, with numerous production deployments. Many Indian companies and startups have begun to shine in this space, executing global projects using Web3 technologies.

 Panelists during the Web3 Current Technology Trends discussion organized by TiE Chennai on September 1, 2023, observed how Web3 success stories and the influence of blockchain-based technologies, including NFTs, dApps, and smart contracts, are exerting a significant influence within the domain of Web3. The surge in Web3 technology is providing substantial opportunities not only to major players but also to emerging startups in India.

The event held at Mini Auditorium, IITM Research Park, also featured product demos from promising startups on Web3. Key speakers highlighted how brands are increasingly embracing Web3 to authenticate the origin of their brand assets. Dr. Praphul Chandra, Founder, Koinearth& Advisor, TreasurePACK, said that brands like Nike, Time, and the organizers of the Australian Open have successfully catering to their most devoted customers and fans with well-crafted personalized experiences. 

JubranSiddique, CEO of Zaryah Investment Company, emphasized that by 2030, traditional banking is poised to be overtaken by FinTech disruptors offering various services, from asset management to decentralized finance. GopiKoteeswaran, Chair of the DeepTech Committee Secretary at TiE Chennai 2023-2025, believes that Chennai will be recognized globally as the capital of Deeptech.