Empowering emerging markets: How Web3 is transforming consumer experiences
In the sprawling landscape of emerging markets, countries like India are definitely on the cusp of a digital revolution. With over a billion people and a burgeoning middle class, we have a massive opportunity for technology-driven innovation. Enter Web3, the decentralized web, which is poised to reshape the way consumers in India interact with digital services, conduct financial transactions, exercise control over their online identities, and even manage their healthcare.
Web3 is a sizeable opportunity for India. According to a report by NASSCOM, Web3 investments in India have totalled over US$1.3 billion since 2020. With mass adoption and robust regulations, Web3 business growth can add US$1.1 trillion to India's GDP by 2032.
“Consumers in emerging markets can take some of the power back as the user,” says Edward Cullen, Founder and CEO of Crescite, an organization that's building a Web 3.0 community for faith-based institutions and ESG investments and aims to expand into India.
“This can range from microtransactions to pay small amounts for housing to become decentralized identities for the unbanked allowing for participation in the greater global economy. The combination of tools for peer-to-peer engagement enable consumers easier access to financial services,” he adds.
Web3, often described as the next evolution of the Internet, is built upon blockchain technology and promises a more decentralized, open, and user-centric internet. Unlike Web2, where a few tech giants control vast amounts of user data and digital services, Web3 aims to give users greater ownership and control over their data and online experiences.
“By embracing the immense potential of Web 3.0, India can revolutionize its existing systems, making them
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