A forum to promote Web 3.0 adoption was launched on Sunday, 21 August 2022, in Hyderabad. The India Blockchain Forum, launched by Jayesh Ranjan, Principal Secretary, Government of Telangana, aims to make India a global blockchain and Web 3.0 hub.
The forum launch comes at a time when the crypto and blockchain industry has called for regulatory certainty to help the industry achieve its full potential. The crypto industry in India is in a nascent stage right now, but crypto and Web 3.0 startups in the country have already garnered funds worth more than $1 billion across 43 deals in the first six months of 2022 alone.
Who are the founding members?
The India Blockchain Forum started as an informal association of a handful of Indian blockchain influencers. There are 40 key individuals associated with this body.
Some of the key founding members include Prasanna Lohar (CEO, Block Stack), Col. Inderjit Singh (Retd.), Srinivas Mahankali (CBO, Secure Kloud), Pankaj Diwan (CEO, Idealabs FutureTech Ventures), and Sharat Chandra (Blockchain Evangelist).
Global influencers, enterprise adoption leaders, and technology architects were also present.
What to expect from the India Blockchain Forum?
The forum plans to establish interest groups focusing on CBDCs, crypto policy frameworks, metaverse, and other areas to drive wholesome blockchain adoption.
A press release note, shedding additional light on their 10-point plan, was shared. The plan focuses on building up the India Blockchain Stack, start-up acceleration, nurturing communities, driving global collaboration, policy advocacy, talent pool creation, hand-holding corporates to the Web 3.0 world, and other aspects.
What is the future of blockchain in India?
Interoperability: Blockchain interoperability will be crucial for seamless data and asset transfer between different blockchain networks.
Blockchain-based Transformations: Blockchain is reshaping various sectors, from finance to education, redefining the digital experience.
Blockchain Development Trends: Trends like interoperability, Blockchain-as-a-Service (BaaS), asset tokenization, and NFTs are gaining prominence in the Indian blockchain development landscape.
What is the scope of blockchain in India?
Career Opportunities: Blockchain offers promising career prospects in India, with a growing demand for skilled professionals. The scope extends across roles such as blockchain developers, analysts, and consultants.
Salary Potential: Blockchain developer salaries in India are competitive, ranging from 5 LPA to 30 LPA, particularly for certified professionals. The average salary is around 6.6 LPA, reflecting the high demand for blockchain expertise.
Global Market Projection: The global blockchain market is expected to reach $15-$20 billion by 2024, indicating significant growth potential for India.
What is the qualification for a blockchain developer?
A bachelor’s degree in computer science, information technology, or a related field is common.
Specialized courses, certifications, or workshops in blockchain development are valuable.
Proficiency in programming languages is crucial, with a focus on languages commonly used in blockchain development, such as Solidity for Ethereum or languages like C++, Python, and Java.
What is block-chaining technology?
Decentralization: No single entity has control over the entire network. The ledger is distributed across multiple nodes, enhancing transparency and security.
Immutable Record: Once a block is added to the chain, it cannot be altered or deleted. This ensures the permanence and integrity of recorded transactions.
Consensus Mechanism: Nodes on the network must agree on the validity of transactions before they are added to the blockchain. Common consensus mechanisms include Proof of Work (used by Bitcoin) and Proof of Stake.