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Namaste Web3 Hyderabad Edition Unveils Blockchain Potent Power in Driving Web3 Innovation

Namaste Web3 Hyderabad Hosts Dynamic Discussion on Blockchain's Crucial Role in Shaping Web3's Path to Success

Shashank Bhardwaj
Published: Jul 25, 2023 11:28:39 AM IST
Updated: Jul 25, 2023 01:31:19 PM IST

Namaste Web3 Hyderabad Edition Unveils Blockchain Potent Power in Driving Web3 Innovation

CoinDCX, and Forbes India hosted the fifth chapter of Namaste Web3, a Web3 awareness initiative that brings the Web3 community together. The Hyderabad chapter focussed on the theme “Blockchain- The Technology That Will Drive Web3”. In a bid to chart the future roadmap, industry leaders came together to explore how blockchain can drive relevant use cases that resonate with both the public and businesses.

The event kicked off with a Special Address by Dilip Chenoy, Chairman of the Bharat Web3 Association, shedding light on the convergence of AI and blockchain unleashing endless possibilities. He added that, “Blockchain offers transparency, while AI provides insights and together, they revolutionize industries. With its secure and transparent data storage, blockchain enhances AI's decision-making, bringing greater trust and auditability to its insights and predictions. Together, these technologies are transforming finance, healthcare, logistics, and more, creating vast market opportunities for innovation and growth.”

The first panel discussion theme was ‘Revolutionising India's Digital Landscape: Harnessing the power of Blockchain Technology and VDA’. Moderated by Manisha Gupta, Editor - Commodities and Currencies, CNBC-TV-18, the specialists included Rajesh Dhuddu, Global Head, Emerging Technologies, Tech Mahindra, Prasanna Lohar, CEO, Block Stack, Pankaj Diwan, Co-founder, India Blockchain Forum, and Satish Mishra, VP, Engineering, CoinDCX & Okto. 

At the panel, Rajesh Dhuddu said, “Both the enterprise and retail segments have recognized the prevalent trust deficit in the world. Blockchain emerges as a magical solution to address this trust deficit, especially in business-to-customer and business-to-business interactions. Numerous use cases have emerged, such as trade finance invoice discounting, where banks collaborate to prevent duplicate funding of invoices. KYC processes are being streamlined by putting documents on the blockchain for efficient downstream or upstream use.” 

In a Fireside Chat which focused on the topic "Tokenizing Real-World Assets," featuring C A Aishwary Gupta, Ecosystem BD Head- India & Payment & FinTech Head at Polygon Labs, The chat delved on shedding light on the practical applications of blockchain technology in tokenizing real-world assets. He said, “Tokenization is revolutionizing the way we transact and verify assets, and the key game-changer is blockchain technology. In the past, private blockchains were relied upon for tokenization, but with public blockchains, verification becomes transparent and lightning-fast. Speed and traceability are now at our fingertips, enabling real-time solutions and safeguarding against scams.”

The event concluded with a panel discussion on "Blockch(AI)n: Exploring the synergy of Blockchain and AI to propel Web3 Adoption," with esteemed speakers Rama Devi Lanka, Director, Emerging Technologies - AI Blockchain, Cloud, Government of Telangana; Sreeram Ananthasayanam, Partner, Consulting at Deloitte India; Vivek Madani, Head, Flipkart - Polygon Blockchain COE; and Vivek Gupta, CTO, CoinDCX. During the discussion, Rama Devi Lanka highlighted some fascinating use cases implemented by the Government of Telangana, showcasing the integration of blockchain and AI to drive Web3 adoption. Notably, she emphasized the use of a mobile application for voting, where AI and blockchain were leveraged to verify voters' identities and secure their votes, ensuring the authenticity and integrity of the voting process. She further added, “The primary objective in adopting these technologies is to solve societal problems, such as increasing farmer revenue in agriculture or tackling issues like fake education credentials. For instance, they successfully implemented blockchain to address fake certificates issued by universities.”

Speaking at the panel Vivek Gupta, CTO, CoinDCX said, ”As the web3 landscape matures and the convergence of blockchain and AI becomes a reality, we envision a future where AI plays a vital role in enhancing security, simplifying user experiences, and mitigating risks.”

The Namaste Web3 Hyderabad edition started some much needed conversations on the real-world potential of emerging technologies and how they are poised to revolutionize India’s digital landscape. You can find a live coverage of the event here.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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