The world is witnessing a rapid digital transformation through a new digital commerce using blockchain, Web 3.0, Metaverse using the new economy currency called cryptocurrencies. The pandemic has only catalysed this activity and we are witnessing this transformation in every aspect of our lives today. This phenomenon is only getting deeper and faster with increasing adoption of virtual solutions by real economy using the solution provided by this digital economy.
On one hand we are witnessing commercial success of this digital transformation intensifying rapidly, whereas on the other hand, we have immersive experiences emancipate our social interactions. Metaverse stores, digital concerts, business meetings, trainings and even marriages are finding their place in the augmented, mixed and virtual reality environments. Real is becoming virtual and simultaneously virtual is becoming real.
Decentralization is beginning to gain popularity with a host of commercial applications – like financial services, enterprise applications – like supply chain management or trade finance, payments solutions – from stablecoins to internet based banking services to unbanked populations, and many other innovative applications – notably, green financing, emission reduction, alternate energy distribution and several such efforts and enterprises leading the planet to a more sustainable and efficient future for the entire mankind and its future.
This effort requires a mix of both- innovative imagination and efficient application of skill. It demands for talent to be nurtured, skilled and incubated to address the pressing needs of this new age and provide empathetic, sustainable and efficient solutions to the common global problems. And this is one area where India can re-enact its leadership role.
The Indian education system in Information Technology has established its credence at the world stage with the enterprise systems of the third industrial revolution. Today, as we dive deep into the fourth industrial revolution – creating cyber-socio-economic systems, employing new technologies like Blockchain, AI, AR/VR, Machine Learning, Data sciences and Design thinking, we strongly believe that India will lead the world into this efficient Digiverse.
And in order to enable the country to embark on this leadership journey, the need of the hour is to take this extensive learning and implementation of these new technologies into the mainstream of the Indian technical, business and managerial education system and sensitize the young budding professionals about the opportunities that wait for them to grab, explore and grow with in this bright arena.
Quicker adoption of this new technology and the supporting policy environment will nurture new start-ups, new talent, new academic institutions, new outsourcing models, new services and give India it’s best opportunity to step up from being the IT capital of the world to a new Digiverse economy solutions provider and adopter. The new technology development is creating new means of funding, new sources of money, new capital flows, new class of investors, traders and marketplace platforms.
It is now India’s best time to take leadership in this new age economy as a solution provider, rather than just a user.
Ajoy Pathak is a Blockchain Evangelist with CryptoWire, a first port of call for entry into blockchain and cryptocurrencies. CryptoWire seeks to empower participants of the crypto universe with its super app and its research, training and information platforms like Crypto University, CryptoTV and CryptoWire.