As we witness the evolution of Web3, its potential for transformative growth becomes increasingly evident. Web3 is expected to contribute over $1.1 trillion to India's GDP by 2032, reiterating this potential.
While there are several use cases across sectors, the Web3 narrative has been dominated by speculative trading and associated macroeconomic and financial stability risks. Given this, this paper highlights the diverse use cases around decentralisation, data security, traceability, and ownership, solving issues around data control, which, when concentrated in a few hands, can lead to misuse.
The paper also demonstrates that, as with any emerging technology, while there are inherent risks associated with Web3, these challenges can be managed, and the potential rewards are substantial. Further, this paper outlines a path for India to become a Web3 leader, driving transformative change and making a significant contribution to economic growth.