India has been seeing some excitement in the blockchain space lately. According to Forbes India, global crypto exchange OKX has been solidifying its India Web3 presence. The Reserve Bank of India has plans to launch a wholesale central bank digital currency in January 2024.
According to a report by NASSCOM, Web3 investments in India have totalled over US$1.3 billion since 2020. With mass adoption and robust regulations, Web3 business growth can add US$1.1 trillion to India’s GDP by 2032.
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Over the months some steam has been building up. In August, Tezos India, a blockchain platform, tied up with P2P (peer-to-peer) video calling and messaging platform, Huddle, an integration that’ll let users access Huddle01 using any Tezos wallet, enabling real-time, decentralised communication infrastructure. Tezos India also tied up with Blockbank, a FinTech solution, the highlight being the listing of Tezos (XTZ) on the Blockbank exchange.
Apart from that, Dhiway, Web 3.0 technology company, tied up with SBL Knowledge Services, an implementor of intelligent governance solutions. Leveraging the potential of the CORD blockchain’s SDK and the #MARK Studio credentialing platform, the partnership will offer a comprehensive array of APIs for developing and integrating applications that manage persistent digital identifiers. This tie up aims to change credential management, streamlining the process for individuals to display their skills and qualifications, and paving the way for their success.
In July, Rightsfually, a blockchain-based media rights distribution platform backed by Polygon, tied up with Seracle blockchain cloud to build on the Polygon blockchain. By building on the Polygon blockchain, Rightsfually saves time and costs while ensuring high performance and security.
Also, Airchains, a Web3 middleware SaaS platform tied up with West Bengal’s New Town Kolkata Development Authority (NKDA) to transform the land ownership and mutation system by employing blockchain, an initiative that plans to reshape the landscape of land mutation by introducing 500,000 Non-Fungible Tokens (NFTs) deployed on Polygon Supernets.
Read more: Crypto regulation & Indian financial markets: A change towards compliance
Then Zeeve, a Blockchain Infrastructure-as-a-Service (IaaS) platform, tied up with the India Blockchain Alliance (IBA) to accelerate evangelism and adoption of blockchain across the Indian subcontinent and contribute to the Blockchain enabled infrastructure of the government, universities and various enterprises through multiple initiatives. Zeeve also tied up with Polygon Labs to simplify the deployment and management of app-chains on Polygon Supernets, making it easier for businesses and developers to launch their own Blockchain along with the necessary infrastructure like explorer, wallet, faucet, etc. in no time.
Blockchain and Web3 innovations in India are projected to propel the digital asset economy’s value to over $200 billion in the next ten years, contributing over $1 trillion to our GDP.
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