Giving a framework to India’s overflowing blockchain companies
A centralized approach to a decentralized sector
2020 has been the “Crypto Summer” which has led to an increase in the number of cryptocurrency and NFT jobs worldwide. In India, blockchain and crypto-related jobs grew by 804% between April 2020 and April 2022, according to a report by US consultancy Gartner, despite a bear market and strict Indian government regulations.
As Web 3.0 advances, services providing integrated foundations for businesses to enter the Blockchain, NFT, DeFi, and DAO space are becoming an inevitable enabler of modern technology and a vital source of employment for the generation. But here is the bottleneck of blockchain activity; it is still in its preliminary stages in India. Developing a Web 3.0 platform required industrial expertise and technical maturity. The gap is being filled by Web 3.0 infrastructure companies offering Whitelabel solutions to entrepreneurs looking to enter the space. They help other companies build leading platforms to grow their establishments and grow in the emerging NFT and Metaverse space. Deploying BaaS can help the brand foray into the world of NFT and Metaverse by having an online presence that is not only diverse but also advanced. Companies can create and operate virtual assets created using white label solutions.
When the first wave of simple networked Web peaked in the 80s and 90s, there was a deluge of community-controlled Internet rules and protocols, severely limiting Internet acceleration. With the second evolution of the Internet, restrictions eased, allowing user-driven creativity to flourish and industrial innovation to take over. Then Google, Amazon, Facebook and Apple arrived.
Now that we are in the middle of the third web transition, i.e. “Web 3.0, take over”, decentralization takes center stage. The walls of imposed rules are collapsing and users are looking for more open and sophisticated services. Multifunctional registries of white-label solutions, fast turnaround times, and less engineering requirements take over.
Leveraging decentralization as the core of their “Blockchain-as-a-Service solutions”, BaaS developers are stepping in to provide enterprises with cost-effective and customized Web 3.0 NFT Blockchain infrastructures ready for customization. Several Indian players in this industry, like Seracle, have leveled the playing field for large companies, creators, and communities by helping them build robust crypto networks and viable marketplaces suited to organizational needs.
With a community-driven philosophy, advanced modern features, and white-label solutions like Crypto Exchange, DeFi-DAO platforms, NFT Marketplace, and Metaverse, Blockchain is taking over businesses, which in turn can focus on providing innovative solutions to their customers. Instead of hiring new resources to aggregate these services, the costs incurred by the companies are reduced by these platforms which offer successful Web 3.0 solutions.
With NFT and DeFi market values exceeding USD 340 billion worldwide, the need for unified global regulations in the blockchain industry remains high. A platform operating within regulatory compliance is critical to maintaining algorithmic stability and reducing the risk of data mishandling, a common shortcoming of any software product. Blockchain-based services are unique asset classes based on a unique technology that aims to find solutions to eliminate such mismanagement.
Hailed as the next game changer by critics, pundits and influencers, blockchain has the potential to do what the internet did for finance, art or any other 21st century business. Blockchain technology can unequivocally improve the financial system through DeFi, DAO and Cryptocurrency.
Some might consider this another tech fad, but at least for 2022, DeFi platforms have already been piling up more than 200 billion dollars in compensation in value. At the same time, the global blockchain market is also growing to reach a 163.83 billion valuation of the dollar as a market by 2029.
The main differentiator between any DeFi, blockchain and traditional service is the “De” in the name. Services can exist in a decentralized way without the need for an intermediary. Tamper-proof, virtual, and global, BaaS can redefine the way businesses transact in Web3.0.
The opinions expressed above are those of the author.
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