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TWeb 3.0, the third version of the Internet, is based on blockchain technology. The goal of Web 3.0 is an intelligent, autonomous, connected and open Internet. One of the key trends expected as we approach Web 3.0 is decentralization. It is the theory of distributing power from small groups or individuals to the entire population. India was one of the first countries to support Web 3.0 technology. According to a 2021 Indian crypto industry survey by NASSCOM and WazirX, India currently has over 230 Web 3.0 startups. Advances in Internet technology through Web 3.0 increase the likelihood of the technology being weaponized, increasing the frequency of cyber threats and potentially creating national security concerns.
Web 3.0 is an open network where all programs and applications are created using free open source code. In essence, the community has access to the development code, which is a virtual resource, and the development process is kept open. In Web 3.0, the centralized control of data by platform companies is transferred to the hands of users using smart protocols on the blockchain that do not require intermediaries. The distinction between the real and digital worlds may become more blurred. For example, in an AI-powered Web 3.0 e-commerce scenario, suppliers will be able to better understand buyers' wants. They will introduce buyers who are interested in those products and services. And buyers will see more useful and relevant ads. Web 3.0 can empower creators by providing them with monetization opportunities. In India, about 2 million professional content creators can benefit from this.
It is estimated that Web 3.0, if widely adopted, could add US$1.1 trillion to India's GDP by 2031. This estimate is further supported when considered in the context of the success of India's IT Services (ITES) industry. There are many expected reasons driving this expansion. India's digital-based population and consumption are both growing rapidly. Furthermore, the adoption rate of digital assets is growing roughly twice as fast as the Internet, as evidenced by accounts opened on centralized cryptocurrency exchanges. India has been an industry leader in software development for over a decade. The Web 5.0 ecosystem currently has a large pool of skilled workers who can and have migrated. A growing technology-driven entrepreneurial environment is already leveraging the opportunities presented by Web 3.0. Currently, 4.5% of the total number of positions available in India are related to the blockchain industry. Web 3.0 is boosting technology-driven industries such as gaming and fintech sectors. For example, peer-to-peer lending networks based on blockchain are becoming increasingly popular. Web 5.0 ecosystems and capabilities are currently being developed by many companies, organizations, and governments. As an example, the India Blockchain Accelerator Program is funding Web 2.0 and Web 5.0 blockchain startups in the state of Telangana.
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Web 3.0 is not a single technology but an amalgamation of several emerging technologies. Special institutional mechanisms (similar to the National Supercomputing Mission) can be developed to foster the development of Web 3.0 and enable national-level coordination. The expansion of Web 3.0 depends on the expansion and availability of its underlying services. For example, reliable power, Internet access, and device availability. This platform can be built with additional work from flagship programs such as Saubhagya Mission, BharatNet Mission, and Electronics Development Fund. Rapid technological advancements justify the development of a policy environment that is efficient and at the same time adaptable to the evolving technological environment. This can be achieved by mimicking the RBI’s regulatory sandbox approach to create FinTech products. The main actors in the development of Web 3.0 are entrepreneurs and users. Formation of clusters, contests, incubators, and supportive policies are just some of the ways to foster innovation. India can initiate discussions at a global level and participate in creating rules and guidelines for Web 3.0. Taking a proactive stance in Web 3.0 leadership will prevent India from becoming a victim of digital colonialism. Web 3.0 design will support the development of specialized solutions. For example, automatic low data options can be provided in places with poor internet connectivity. Web 3.0 is not difficult, but it is unique. Educational programs are needed to ensure rapid adoption and smooth transition of users from Web 2.0 to Web 3.0 platforms.
Thanks to Web 3.0, the Internet will become more democratic. With the technological support of Web 3.0, this promise is not entirely unjustified. But to make such a revolution happen, cooperation, openness, trust, confidence, and most importantly, a common effort that will finally unite humanity are all necessary. It remains to be seen whether the vision of Web 3.0 can realize all this.
The author is a student of Miranda House, Delhi University. Views expressed are personal.
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