How Web 3 Can Help India and Add Value to Their Financial Systems

Web 3.0, also known as Web3, is the next step in developing blockchain-based, decentralized applications that will change how people buy and sell in India. The blockchain is a “distributed ledger” technology that maintains a permanent record of all transactions between parties. A transaction that has been encrypted and added to a blockchain cannot be changed or removed. As a result, many computers worldwide have copies of the ledger. This increases the trustworthiness and clarity of the ledger transactions. Web 3.0 decentralizes information storage and allows for peer-to-peer transactions. For example, it allows people to program “smart” contracts that can quickly transfer money, rights, and property between people. Smart contracts eliminate the need for many middlemen, such as banks, who facilitate people doing business with one another. As a result, an entire financial system is separate from the current banking system. People and businesses can buy, sell, borrow, lend, and invest without using a bank in this blockchain-based ecosystem. Aside from the rise of smart contracts, Web3 has seen the emergence of a new class of digital assets, such as cryptocurrencies and tokens that cannot be exchanged for cash (NFTs). The blockchain technology on which these digital assets are based has enabled them to be used for various purposes. These include decentralized governance, payments, investments, and currency and collectibles in vir...