Web3 and blockchain gaining traction in India, startups seek regulatory clarity

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Web3 and blockchain technology are witnessing a surge of interest and adoption in India. From finance to healthcare, blockchain’s potential to enhance transparency, security, and efficiency is attracting attention across various sectors.

Many public and private sector institutions, as well as state governments, are exploring the use cases of blockchain solutions. The Reserve Bank of India is encouraging blockchain adoption in payment systems and guiding banks to develop blockchain applications through its regulatory sandbox initiative. 

Many states in India are also exploring blockchain-based land record systems to minimise property fraud and errors.

According to Dr. Ravi Chamria, the Co-founder and CEO of Zeeve, “Almost all the large enterprises have at least some sort of initiatives going on that leverage blockchain. There are hundreds of web3 startups from India building different kinds of solutions. Reports suggest that around $1.1 trillion will be added to India’s GDP in the next few years, contributing significantly to our $5 trillion GDP goal. India also has one of the largest web3 developer workforces in the world. The challenge is to channel this workforce in the right direction.”

Zeeve is a “blockchain infrastructure as a service platform” contributing actively to the web3 space. They specialise in web3 infrastructure consulting, offer low-code automation for deploying and managing blockchain networks, and provide various data APIs/ tools to bridge the web2 apps to web3. They have also collaborated with major blockchain associations like NASSCOM, GBA, IBA, and IBF to promote and accelerate blockchain adoption across India.