Raj Kapoor, the creator of the India Blockchain Alliance (IBA), said that India can become the primary center for Web3 technologies despite having been marginalized in earlier technological revolutions.
Participating in the Blockchain for Productivity Forum in India, Kapoor asserted that blockchain technology could potentially boost multiple local economic sectors and draw significant foreign investment. According to Kapoor, the nation would need to set up a suitable framework and important initiatives to spark citizens’ attention to reap the benefits of blockchain technology.
As a framework seems to be within reach, Kapoor contends that enthusiasts won’t find it easy to spark local blockchain adoption. As a result of the disruptive technology’s growing popularity, Kapoor noted, he founded the India Blockchain Alliance with the express goal of “making India the superpower in blockchain.”
Kapoor said, “We’ve missed the Web1 bus, we’ve missed Web2, but the Web3 bus is ours. This is India’s destination, and that is where we are dialing in.”
Kapoor also said that the IBA has been accomplishing its goals and setting new standards in keeping with its mission statement in the short time it has been in operation. The creator of the association attested that 32,000 students in 289 rural Indian schools had been exposed to blockchain and other cutting-edge technology through the project.
Kapoor notes that the IBA’s efforts are focused on expanding India’s talent pool for Web 3 to help the country realize its long-term goal of becoming a Web 3 powerhouse. The IBA is allocating 70% of its budget to teach girls about disruptive technologies like blockchain and artificial intelligence (AI) to achieve appropriate gender parity.
India’s government appears to be advancing the use of blockchain technology in tandem with the IBA’s efforts to boost adoption metrics. Amidst efforts by local governments to integrate the technology, Finance Minister Nirmala Sitharaman projected a 46% acceptance rate by the end of the decade.
The IBA’s “greatest achievement,” according to Kapoor, is a cooperation with the state of Goa to construct the largest Web3 district in the world, which would contain key industry players like funds, developers, digital asset exchanges, and decentralized autonomous organizations (DAOs).
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