In Conversation with Sharat Chandra, Chair – Blockchain Working Group, IET Future Tech Panel on the future of Web 3.0 and Metaverse and the IET’s Web 3.0 Playbook

Web 3.0 and Metaverse aim at the creation of a transactional universe, governed by the principles of self-sovereignty, interoperability, standardised equitable frameworks, security, privacy, speed of operation, enhanced experience and the unlocking of opportunity. As the enablers of transaction and security, the rapid evolution of consequent financial technologies will form the central nervous system of this evolving domain.

With a competitive talent pool and growing use of Web3.0 native goods and services, India has established itself as a major player in the global Web3.0 market. Today, India is home to more than 11% of Web3.0 talent.

In this context, the IET Blockchain Working Group has created a playbook that offers insights into the rapidly changing Web3.0 landscape and recommends solutions to position India as the next global Web3.0 and digital assets hub. In an exclusive interview with CXOToday, Mr. Sharat Chandra, Chair – Blockchain Working Group, IET Future Tech Panel, shares his views on the future of Web3.0 and metaverse in India.

1) What are the current realities of Web 3.0 in India?

The regulatory uncertainty related to virtual digital assets has led to the exodus of talent and capital to geographies with favourable taxation and innovation-friendly jurisdictions. With more than 400 web3 startups and a rapidly growing Web3 developer population, India has the potential to ride the web3 wave and create the infrastructure layer for the new version of the internet, which powers the decentralized web3 economy.

2) What role will Web 3.0 and Metaverse play in India’s digital economy

-India is uniquely positioned to harness the trillion dollar opportunity provided by Web3 native and metaverse based ecosystems. India’s current G20 presidency gives us the mantle to shape global regulation on digital assets and spearhead growth to achieve the goal of trillion dollar economy.

3) What are some use cases for banking in the Metaverse

“With the rollout of retail and wholesale central bank digital currencies, banks and financial institutions are experimenting with use cases to tap into the revenues brought forward by metaverse commerce and immersive worlds. Banking with respect to wealth management and cross border trade is likely to be reimagined by banks launching their virtual lounges in the metaverse.”

4) How can we bridge the gap between virtual and real economies?

” Technologists and startups have to work collectively to enable a seamless transition to activities across the virtual and real world. High-speed low latency networks are needed to support this transition. Robust cybersecurity frameworks are necessary to ensure data sovereignty, protection and privacy.

5) What are some ethical issues that need to be addressed?

“Issues with respect to cyberbullying , abuse and threat to individual’s data and privacy get amplified in the immersive world. Current laws will have to factor in the new set of challenges posed by rogue elements in the metaverse . Enforcement of laws will be another challenge.”

6) Is there a threat of big tech players monopolizing the metaverse? How can this be resolved?

“Monopolization of the metaverse by bigtechs is an imminent threat. There is a movement towards building open and inclusive metaverses . Meta’s walled garden version of the metaverse is hardly finding any takers and Meta’s reported loss tells a telling tale about the viability and profitabilty of metaverses built and governed by big techs. Bodies like Metaverse Standards Forum and Open Metaverse Alliance for Web3 are working to democratize access to metaverse and enable innovation

7) Why did you feel the need for a Web 3.0 playbook at this stage? How does it contribute to the ecosystem?

The Web3 narrative in our country has been eclipsed by crypto-specific developments .The discourse on web3 has to include all aspects of technology, policymaking, taxation and a sandbox approach to test and implement use cases to accelerate the growth of the web3 ecosystem in the country.

Therefore, IET India’s Blockchain Working Group’s playbook has put forward recommendations to all stakeholders to create an enabling environment for the growth of web3 industry. We are also working towards creating a use case repository of web3 use cases focussed on the gig economy, sustainability, financial inclusion, smart cities and healthcare to help startups and governments co-create use cases aimed at solving government and citizen-centric problems”