India’s National Technology Day highlights Web3’s role in future economy

As India celebrates National Technology Day on May 11, more attention is being focused on the transformative impact of blockchain and Web3 technologies. Amid the celebrations, industry leaders expressed confidence that these innovations can play a pivotal role in moving India towards its ambitious goal of becoming a $1 trillion digital economy by 2030.

Strengthening financial inclusion through blockchain

Shivam Thakral, CEO of BuyUcoin, a leader in the Indian cryptocurrency industry, highlighted the company’s journey and achievements in fostering a secure and robust platform for digital asset trading. Thakral recalled the early days when BuyUcoin recognized the potential of blockchain to revolutionize India’s financial landscape. “By adhering to rigorous regulatory standards and fostering trust among users, we have played a key role in enabling secure cryptocurrency transactions in the country,” Thakral said.

The CEO emphasized that the growth of Web3 is not just an improvement in technology infrastructure, but a democratizing force in financial services, potentially providing unprecedented access to underserved populations. “Web3 has tremendous potential, especially in the context of India’s evolving financial sector,” Thakral commented, expressing BuyUcoin’s commitment to continuous innovation and strategic partnerships aimed at improving user experience and industry standards.

Building a global technology-focused community

On the other hand, Jyotsna Hirdyani, Head of South Asia at Bitget, shed light on India’s global contribution to technology and innovation, especially in the areas of blockchain and Web3. Blockchain4Youth, a recent initiative launched by Bitget, aims to provide younger generations with the skills to explore and utilize Web3 technologies. “Blockchain and Web3 are poised to play a significant role in the emerging decentralized business and technology landscape,” Hirdyani said.

Blockchain4Youth specifically has delivered lectures and workshops across continents from Asia to Europe, engaging more than 6,000 participants globally. The program has not only trained but also certified thousands of people who have successfully completed its courses, helping to create a skilled workforce ready to meet the technological changes of tomorrow.

Future challenges and opportunities

Despite optimism, integrating these technologies into the mainstream economy presents challenges, including regulatory hurdles and the need for widespread digital literacy. However, this trajectory suggests increasing acceptance and integration of blockchain technology in sectors as diverse as banking, governance, and healthcare, which could be critical to achieving the goal of a $1 trillion digital economy.

As India celebrates technological prowess and innovation on National Technology Day, talk of blockchain and Web3 is focusing not only on its potential economic benefits but also on its role in creating a more inclusive and equitable digital future. Efforts by companies like BuyUcoin and Bitget highlight a broader movement to embrace these technologies that could redefine the economic landscape in India and beyond.

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