How Web3 is empowering Indian developers, creating a global tech hub in India

By Jereme Holiman, VP of People at Shardeum

In the ever-shifting landscape of global technology, India is poised to become a Web3 powerhouse, unlocking unprecedented opportunities for developers and propelling the nation to the forefront of the decentralised technology revolution. Web3, the next iteration of the internet, promises to empower Indian developers by offering a decentralised framework, greater control over data and online interactions, and fostering transformative growth in the country’s tech landscape. With millions of developers, India is already weaving its path to becoming a leading global tech hub, and Web3 is poised to accelerate this journey.

Tech brilliance – India’s developer powerhouse
India boasts an extensive reservoir of proficient developers, numbering in the millions, which equips the nation to navigate the complexities inherent in dispersed technologies. This sizable force serves as a testament to India’s ability to develop technologically proficient individuals who are prepared to revolutionise the domain of independent technologies.

Recent research points towards a transformative era for the Web3 sector, projecting the potential creation of 2.2 million jobs in India over the next decade. This burgeoning industry is represented by over 900 enterprises in India, contributing significantly to the global Web3 developer community with an 11% presence which was witnessed in 2022. Forecasts indicate a substantial addition of $1.1 trillion to India’s GDP by 2032, emphasising the sector’s profound impact on supply chain management, healthcare privacy, education, certification, voting systems, and identity management.

Regulatory clarity – A catalyst for growth
Historically, regulatory uncertainties, particularly surrounding cryptocurrencies, posed challenges for India’s blockchain ecosystem. Cautionary advisories from the RBI momentarily stalled the industry. However, the turning point arrived in 2020 when the Supreme Court overturned the RBI’s circular, breathing new life into the sector.

In the subsequent years, there was a resurgence of interest in blockchain and Web3 technologies. Developers and major IT companies actively participated in conferences, contributed to code, and explored innovative concepts. While the regulatory landscape is still evolving, positive signals of acceptance are fostering an environment conducive to Web3 growth. The narrative has shifted towards positivity, with a focus on collaboration, innovation, and the vast economic potential of Web3 technologies. This positions India as a formidable player in the global tech arena, with adaptability and forward-thinking approaches guiding its trajectory.

India’s blockchain journey deciphered
India’s blockchain journey reflects a dynamic landscape marked by enthusiasm, innovation, and resilience. Major IT players strategically formed dedicated blockchain teams, fostering collaboration and explorative initiatives.

This pivotal moment injected renewed interest, drawing in a fresh wave of global investors and developers. The narrative has decidedly shifted toward positivity, with a pronounced focus on innovation, collaboration, and the vast economic potential of Web3 technologies. This evolution positions India as a formidable player in the global tech arena, with a trajectory guided by adaptability and forward-thinking approaches.

Opportunities and challenges for developers
As India positions itself as a Web3 development hub, opportunities for developers to contribute to the global blockchain landscape abound. The vast talent pool and supportive ecosystem can drive innovation and redefine the possibilities of Web3. However, challenges remain. Continued regulatory clarity is essential, and skill development in Web3 technologies is crucial. Additionally, global competition for talent underscores the importance of nurturing local expertise.

The positive journey ahead
India’s venture into Web3 technologies is a story of resilience, adaptation, and positive evolution. The country’s developer powerhouse is embracing the transformative potential of Web3, positioning India not just as a tech hub but as a global influencer in the Web3 revolution. As India confidently steps into the Web3 era, the world watches with anticipation, recognising our nation’s potential to lead the way in the ever-evolving landscape of technology.

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  • Rajeev Vadjikar

    Web3 with attributes of decentralisation, enhanced privacy, cryptocurrency and blockchain storage will remain distant dream because of high cost of transactions. The accceptance of cryptocurrencies will face competition from digital payment protocols such as UPI.