India can lead the world in Blockchain Adoption: Om Malviya, President at Tezos India
CXOToday has engaged in an exclusive interview with Om Malviya, President, Tezos India – a blockchain adoption entity
1.What is the current state of blockchain adoption in India?
Answer – India is at the cusp of mass adoption of blockchain technology. Businesses and government entities in India are becoming more attracted to blockchain technology as a means to enhance transparency, efficiency and security.
The adoption of technology is being influenced by factors such as government initiatives, private sector interest, the growth of the IT workforce and the rapid integration of digital technologies.
Regulatory ambiguity, technical complexity, and public awareness are a few potential roadblocks. In India, blockchain adoption is characterised by caution and optimism; widespread adoption depends on resolving businesses’ and policymakers’ concerns and overcoming these barriers.
2.There has been a surge in the number of Web3 startups in India, what are the key drivers for this trend?
Answer – India’s flourishing startup scene in the realm of Web3 is being propelled by factors. These include a burgeoning pool of individuals, in the tech industry a robust IT infrastructure and the plethora of emerging market prospects. With its population and increasing internet access India offers opportunities for the development and implementation of Web3 applications. The government’s proactive stance on technology and Web3 has further incentivized startups to push boundaries and foster innovation. Moreover the support provided by venture capital firms and angel investors is instrumental in driving growth within India’s Web3 ecosystem. Additionally the global interest surrounding Web3 is contributing to its expansion in India as well.
- Lot of Indian state governments are embracing Blockchain, what is your view on the same?
Answer – State governments in India are actively adopting technology to enhance efficiency, transparency and security across sectors. By leveraging the nature of blockchain these governments aim to mitigate corruption risks, streamline processes, empower citizens with secure access to government records, ensure better traceability of government funds and foster innovation. The potential benefits of blockchain adoption in governance are significant, even in the face of obstacles like regulatory uncertainty and public education. As the technology develops, more cutting-edge applications are anticipated in the Indian government sector.
4.Can industries in India transition from Web2 to Web3? If yes, what will it take?
Answer -Not every aspect in India needs to transition from Web2 to Web3. Many functions are thriving without the necessity of Web3 elements. However, various use cases of blockchain are evident across different industries. India is actively embracing Web3 technologies for applications in supply chain management, digital currency development, healthcare, and education credentialing. With a skilled workforce, strong IT infrastructure, and supportive government, India is poised to excel in the realm of Web3 technologies. The country’s substantial IT workforce, growing middle class, and government support position it favorably for success in the Web3 arena.
- Pls tell us about Tezos India’s roadmap for driving blockchain adoption in India?
Answer – Tezos India has ambitious goals to establish India as a global blockchain leader through a three-pronged strategy. Tezos India is actively driving blockchain adoption in India through:
Educational Initiatives: The organization is committed to educating the masses about blockchain technology through workshops and online courses, creating awareness and understanding of its potential.
Hackathons for Innovation: Tezos India organizes hackathons, including the flagship Tez Asia hackathon, with over 12,000 registrations this year. These events encourage individuals and builders to innovate, develop on blockchain, and create impactful use cases.
Project Integration and Support: Tezos India plays a vital role in integrating projects into the blockchain ecosystem, assisting them in scaling from 0 to 1. This support includes providing technical assistance, marketing support, and grant support to foster the growth of blockchain projects.
- Does India lack industry-ready blockchain talent, if yes, how can we bridge this gap?
Answer – There is a major gap between the demand and supply of blockchain talent in India. Out of the huge pool of software developers in India, a very small percentage are equipped with blockchain skills. It’s expected that the demand will only rise as the adoption of web3 increases and the government lays out regulations. The growing demand for blockchain tech in India can only be met if there are highly trained blockchain professionals delivering innovative products and services for the masses and businesses.
At Tezos India, we are actively working towards bridging this gap through our annual flagship event TEZASIA Hackathon. At our annual month-long event, the Tezos India team organises developer workshops to train the young college students by enabling access to Tezos India tools. Students from across India and some parts of Asia are given a chance to create path breaking dapps using highly advanced Tezos tools. Tezos India supports these innovative products through grants and continues to support them till they achieve their goals.
India being a tech superpower is capable of creating a rich talent pool which will act as a talent hub for providing blockchain related services across the globe.
