Is Web3 the future of the internet? Experts weigh in on how enterprises can embrace blockchain

In recent years, blockchain technology has emerged as a revolutionary force transforming various industries. This technology has given rise to Web3, the next generation of the internet built on decentralised networks enabling peer-to-peer interactions.

At TechSparks 2023 Mumbai edition, Deependra Singh, Head - Late stage Startup Ecosystem, AWS India; Abhay Tandon, Digital Innovation Officer, TVS Motor Company; Vivek Gupta, Chief Technology Officer, CoinDCX; and Vikram R Singh, Founder and CEO, Antier Solutions; discussed how businesses can swiftly transition from Web2 to Web3 and embrace blockchain technology to create new opportunities and increase efficiency.

The session was moderated by Pankaj Diwan, Co-founder, India Blockchain Forum.

Evolution of blockchain technology

What started as an application in cryptocurrencies is now present in almost all industries. Blockchain is no more just a store of value for crypto; it is more of a transaction mechanism.

“If you have a transaction, which needs to go to the system, and it can be from finance, gaming, logistics, identity anywhere, blockchain is probably one of the safest, and one of the most trustworthy places to store that,” Deependra said.

Tandon described trust and decentralisation as core aspects of blockchain implementation, both on business and consumer fronts.

Gupta, meanwhile, said it is about time that we bring this technology into the mainstream. “We are focused on simplifying the entire ecosystem and driving adoption so that more people can get the benefit,” he said.

Antier’s journey with blockchain started in 2016 and it has come a long way since. As an early entrant, Antier developed a lot of solutions around DeFi, NFT marketplaces, and is now focussing on metaverse.”We have one of the largest blockchain talent pools with more than 600 people working on developing Web3 solutions,” Vikram said.

Use cases and strategies

The commonly used “Blockchain is a solution looking for a problem to solve” implies there aren't any real-world problems for blockchain to solve.

However, Deependra said the scenario has changed and there are specific use cases that can be built only on blockchain.

Two of the main use cases include DeFi, which is decentralised finance, and the gaming/NFT universe. Moreover, he said, authenticity of data stored in blockchain is extremely reliable, which also makes it a great option especially for governments to store digital data.

Elaborating on an ideal blockchain strategy for enterprises to follow, Vikram said, “I think the easiest entry point to blockchain is through NFTs. We work with leading automobile companies and help them introduce their own NFTs.”

According to him, asset tokenisation is yet another way for enterprises to venture into the Web3 ecosystem.

Public chains vs Private chains

Gupta is of the view that the Web 3 ecosystem is still evolving and there is a scope and a use case for everything - be it a public chain or a private one. “In the recent past, public blockchains have gained a lot of traction mainly because of openness and transparency. However, there are still some security concerns.”

He said the ecosystem will eventually tilt towards the public blockchain but sectors like healthcare and supply chain will continue to benefit from private chains where data privacy is of utmost importance.

Diwan, who moderated the session, also weighed in on the discussion, stating the debate is similar to that of public cloud vs private cloud.

Blockchain for traditional enterprises

TVS Group is a 100-year-old company but has been experimenting with advanced tech for a long time now. It became the first two-wheeler company in the country to launch its own metaverse.

According to Tandon, blockchain can solve a lot of global mobility challenges. It can also help with data points required for reselling a two wheeler.

“We are actually seeing tangible outcomes, including financial impact. And, when you start showing financial impact to an organisation, there is value for the company, there's value for the customer, leading to a lot more retention and engagement. We are looking at tangible KPIs in terms of applying blockchain and scaling it up,” Tandon said.