Web3, blockchain to be key contributors to GDP growth: Experts

CHENNAI: Many Indian companies and start-ups have begun executing global projects using Web3 technologies, observed panelists during the Web3 Current Technology Trends discussion organised by TiE Chennai on September 1, 2023, at IIT Madras.

As per a study by grand view research, the global Web3 blockchain market is projected to reach $33.53 billion by 2030, with a remarkable Compound Annual Growth Rate of 47.1 per cent.

J Raman Govindarajan, CEO, Perfsystems Advisors, moderated the discussion with key players in the Web3 technology space. “The primary objective of the panel discussion was to bring out Web3 success stories, and how large volumes of distributed transactions and data can be handled with persistence, security, and low latency.

Blockchain-based technologies, including NFTs, dApps, and smart contracts, are already exerting a significant influence within the domain of Web3,” he said.

Praphul Chandra, founder, Koinearth and Advisor, TreasurePACK said “We have already seen brands like Nike, Time, and the organisers of the Australian Open, successfully catering to their most devoted customers and fans with well-crafted personalised experiences. Today, it is important to address your key customer base as micro-influencers within their social networks.”

Jubran Siddique, CEO of Zaryah Investment Company said, “By 2030, traditional banking is poised to be overtaken by FinTech disruptors offering various services, from asset management to decentralised finance.

This shifting financial landscape creates an attractive opportunity for future entrepreneurs.” Gopi Koteeswaran, Chair, DeepTech Committee Secretary, TiE Chennai 2023-2025, also spoke about deep tech innovation.