Web3 refers to the next generation of the internet built on the ethos of decentralization and end-user ownership. Built on public blockchain, Web3 enables new possibilities for digital ownership, secure and verifiable transactions, decentralized governance, and data privacy. This paradigm shift can be of massive economic and technological potential for India and could truly transform our digital ecosystem.
With the aim to enhance awareness around this next generation of the internet for our important Government stakeholders, the CoinSwitch Public Policy Team took the lead in supporting the Bharat Web3 Association (BWA) and the Ministry of Electronics and Information Technology (MeitY) co-host and organize the first-of-its-kind Workshop on ‘Demystifying Web3’ in Electronics Niketan, New Delhi.
The CS Public Policy team led the effort and worked closely with MeitY and BWA over the last year to make this workshop a reality—from conceiving the idea to designing the program, onboarding the right speakers, aligning various internal and external stakeholders, and getting all necessary approvals. These efforts were acknowledged by the Additional Secretary, MeitY, during the inauguration of the workshop.
The workshop witnessed engaging discussions on various aspects of Web3, including sessions on the basics of blockchain, VDAs and NFTs, global developments, and potential areas for collaboration between the government and industry.
The event was extremely well received by participants, a large number of whom were from MeitY, the Centre for Development of Advanced Computing (C-DAC), National Informatics Centre (NIC), and other Ministries and Departments. Attendees also included representatives from academia, think tanks, and Web3 developers, who enriched the discussion with their inputs and perspective. Officials from MeitY spoke about the upcoming National Blockchain Framework which is being developed on top of the National Strategy on Blockchain released in 2021.
As thought leaders in the Web3 space, our goal at CS has always been to drive meaningful conversations around Web3 and in this mission, workshops such as the one above are important to create awareness and understanding, enhance assurance and confidence, learn from each others’ experiences and build connects.