Web 3.0: A Game-Changer

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

• India’s digital asset opportunity is estimated to reach $1.1 trillion by 2032, with digital infrastructure and the growth of e-commerce as key drivers.

Web 3.0 and India

• Web 3.0 can facilitate the growth of India’s digital economy by providing a decentralised infrastructure that allows for greater user privacy and data protection, and by creating new opportunities for businesses to engage with customers using blockchain-based payment systems and smart contracts.
• Web 3.0 can also help India overcome challenges related to financial inclusion, by enabling access to banking and other financial services for individuals and small businesses who are currently underserved by traditional financial institutions.

Opportunity

• Web 3.0 has the potential to be a transformative tool for India’s digital asset opportunity, enabling greater decentralisation, privacy, and data protection, and creating new opportunities for businesses and individuals alike.
• It is therefore essential for policymakers and business leaders to understand the potential of Web 3.0 and to work towards building the necessary infrastructure and regulatory framework to support its development and adoption in India.

Web 3.0 : Benefits of Web 3.0 for India

• Web 3.0 is the next generation of the internet that seeks to create a more decentralized and secure web.

Web 3.0 : Handicraft industry for India

• Web 3.0 could benefit India’s handicraft industry by enabling secure innovation and rapid dissemination of grassroots innovations.
• Web 3.0 instruction tools could improve economic fortunes of craftsmen and artisan communities.

Practice Questions for Prelims

Consider the following statements about Web 3.0:
1. Web 3.0 will be a centralised internet, which will run on blockchain technology.
2. Users will not have any ownership stakes in platforms and applications.

Which of the above given statements is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Ans. d

Mains Practice Question

What is Web 3.0 and its applications. How is it going to be different than its previous versions? (150 words)

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