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As we head towards 2023, there is lots of optimism about web3 and blockchain technology’s adoption in the private and public sectors. Today, we speak with Srinivas Mahankali, Chief Business 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 the last few years?
Srinivas Mahankali: Blockchain application adoption has been riding the trough of the Hype cycle with the muted performance of the Cryptocurrency and Digital asset market.
However, there has been increased awareness of the enormous potential of the Blockchain paradigm by Enterprises; governments and the start-up segments have been particularly excited, with hundreds of start-ups announcing the launch of projects across different domains.
There is now an increased need for uniform and interoperability facilitating standards, robust governance models, technological infrastructure, and a government-initiated framework for accelerated Blockchain adoption.
TechGraph: How will businesses benefit from blockchain infrastructure solutions?
Srinivas Mahankali: Blockchain facilitates increased trust among transaction parties, reduces duplication of paperwork, and leads to high productivity and increased transaction speed.
It will help most MSMEs, SMEs, and medium-scale entities gain the trust of their clients while accessing state-of-the-art automation platforms at 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 witnessed in 2022 associated with blockchain technology?
Srinivas Mahankali: The increased proliferation of numerous protocols and heightened risk of malicious attacks has led to much confusion amongst Blockchain adopters, leading to skepticism about the cross-enterprise collaboration required for successful Blockchain projects.
Crashes in the cryptocurrency markets, the failure of large organizations in the DEFI space, and the announcement of the folding up of the TradeLens platform cast doubt on the permanence of Blockchain-based infrastructure.
TechGraph: Which industries have witnessed a massive increase in Blockchain Adoption in 2022? Can you share your views on Outlook for 2023?
Srinivas Mahankali: Governments worldwide have taken decisive steps towards adopting Blockchain infrastructure to increase the transparency of governance and reduce costs. Central Bank Digital Currencies backed by Blockchain technology have debuted in several leading countries covering over 40% of the world population.
Educational records, Agricultural supply chains, Energy trading, Supply chain finance, Trade Finance, and Healthcare (Clinical trials, medical records, pharma supply chain) have seen heightened interest. Land records, Digital Identity, Banking & Finance are witnessing a lot of action, with the initiations of several pilot projects by Governments, Public and Private sector undertakings worldwide.
Many governments worldwide and leading corporate houses are setting up Centers of Excellence and Sandboxes to test, support, and evolve robust Blockchain-based applications for the future.
TechGraph: The expected trend in the Blockchain segment for the year 2023.
Srinivas Mahankali: The future is firmly rooted in WEB3 adoption. In 2023 every government and industry segment will witness the adoption of WEB3 technologies that encompasses Tokenization, Decentralization, and Distributed Ledger technologies. Global leading organizations, Governments, and international bodies like WEF, UNDP, and WHO will come out with many RFPs with clear guidelines to adopt WEB3-based solutions.
In 2023, blockchain is expected to move from ‘Solution chasing Problems’ to ‘Solution for several Problems and a Paradigm you cannot do without,’ leading towards the accelerated trend of Blockchain adoption, fueling a FOMO attitude amongst the corporates. NFTs with a purpose, Metaverse, Token gated communities and applications, and WEB3 Plugin solutions will find increased acceptance in 2023.
Every marketer must adapt to this new paradigm of Community building approach and new methodologies of marketing to Crypto native generations and collaborative enterprise applications to be able to survive.
The traditional digital marketing behemoths will either adapt to this new paradigm and leverage the emerging interactive platforms like Metaverse or decline towards oblivion. 2023-2025 will be a new era of the WEB3 + paradigm that could significantly empower consumers, users, creators, and digital asset owners.