As we move towards 2023, there is a lot of optimism about the adoption of web3 and blockchain technology in the public and private sectors. Today we speak with Srinivas Mahankali, Chief Commercial Officer at Blockedge Technologies, about how blockchain and Web3 technology are transforming businesses in India.

Read an excerpt from the interview here:

TechGraph: What has been the growth of Blockchain automation in India in recent years?

– Advertisement –

Shrinivas Mahankali: Blockchain application adoption has been at the low point of the hype cycle with the muted performance of the cryptocurrency and digital asset market.

However, there has been a greater awareness of the enormous potential of the Blockchain paradigm by companies; Governments and start-up segments have been particularly enthusiastic, with hundreds of startups announcing the launch of projects in different domains.

There is now a greater need for uniform and interoperable standards, robust governance models, technology infrastructure, and a government-initiated framework for accelerated blockchain adoption.

TechGraph: How will companies benefit from blockchain infrastructure solutions?

Shrinivas Mahankali: Blockchain facilitates greater trust between transaction parties, reduces duplicative paperwork, and leads to high productivity and increased transaction speed.

– Advertisement –

It will help most of the MSMEs, SMBs, and mid-scale entities to earn the trust of their customers while accessing state-of-the-art automation platforms to low-cost SAAS-based business models. For many use cases, economies of scale can result from increased collaboration, customer acceptance, and adoption.

TechGraph: What are some of the risks seen in 2022 associated with blockchain technology?

Shrinivas Mahankali: The increased proliferation of numerous protocols and increased risk of malicious attacks has led to much confusion among Blockchain adopters, leading to skepticism about the cross-company collaboration required for successful Blockchain projects.

The crashes in the cryptocurrency markets, the bankruptcy of large organizations in the DEFI space, and the announcement of the closure of the TradeLens platform cast doubt on the permanence of the infrastructure based on Blockchain.

TechGraph: Which industries have witnessed a massive increase in Blockchain adoption in 2022? Can you share your thoughts on the Outlook for 2023?

Shrinivas Mahankali: Governments around the world have taken decisive steps towards the adoption of Blockchain infrastructure to increase governance transparency and reduce costs. Central bank digital currencies backed by Blockchain technology have debuted in several leading countries covering more than 40% of the world’s population.

Educational records, agricultural supply chains, energy trading, supply chain finance, trade finance, and healthcare (clinical trials, medical records, pharmaceutical supply chain) have seen increased interest. Land registries, digital identity, banking and finance are seeing a lot of action, with various pilot projects being launched by governments, private and public sector companies around the world.

Many governments around the world and leading corporate houses are establishing Centers of Excellence and Sandboxes to test, support and develop robust Blockchain-based applications for the future.

TechGraph: The expected trend in the Blockchain segment for the year 2023.

– Advertisement –

Shrinivas Mahankali: The future is firmly rooted in the adoption of WEB3. In 2023, all government and industrial segments will witness the adoption of WEB3 technologies encompassing tokenization, decentralization, and distributed ledger technologies. Leading world organizations, governments and international bodies such as WEF, UNDP and WHO will submit many RFPs with clear guidelines for adopting solutions based on WEB3.

In 2023, blockchain is expected to move from ‘Solution to chasing problems’ to ‘Solution to various problems and a paradigm you can’t do without’, which will lead to the accelerating trend of Blockchain adoption, fueling a FOMO attitude among companies . Purpose-driven NFTs, Metaverse, tokenized communities and apps, and WEB3 plugin solutions will find greater acceptance in 2023.

All marketers need to adapt to this new paradigm of community building approach and new marketing methodologies for Crypto native generations and collaborative enterprise applications in order to survive.

Traditional digital marketing giants will adapt to this new paradigm and take advantage of emerging interactive platforms like Metaverse or be forgotten. 2023-2025 will be a new era of the WEB3+ paradigm that could significantly empower consumers, users, creators, and owners of digital assets.

– Advertisement –