Forbes India 15th Anniversary Special

Web 3.0 will be a web of trust aligned to India: Dr. Singhvi at Namaste Web3

Dr. Abhishek Manu Singhvi expressed his views on blockchain tech and how it is poised to fundamentally change market structures

Shashank Bhardwaj
Published: Mar 14, 2023 06:00:50 PM IST
Updated: Mar 15, 2023 04:26:09 PM IST

Web 3.0 will be a web of trust aligned to India: Dr. Singhvi at Namaste Web3Dr. Abhishek Manu Singhvi, MP, Rajya Sabha, Chair Parliamentary Standing Committees on Commerce

CoinDCX and Forbes India’s Delhi edition of their educational and awareness campaign, Namaste Web3, was held on March 11, 2023. The event was themed, "Is Web3 India's next big thing for a $5 trillion economy?" and brought together over 250+ participants, including policymakers, industry experts, Web3 entrepreneurs, Web3 professionals, and Web2 professionals.

The event commenced with an insightful keynote address by Dr. Abhishek Manu Singhvi, MP, Rajya Sabha, Chair, Parliamentary Standing Committees on Commerce, Eminent Jurist. He said, “I stand here not as chair of the parliamentary standing committee on commerce but as one of a growing tribe of fellow Web3 enthusiasts who believe Web3 can be one of the biggest factors in bringing to fruition India's dream of becoming a $5 trillion economy.” Dr. Singhvi went on to talk about how blockchain remains at the core of Web3.

He mentioned that Web3 envisions empowering its users in terms of controlling privacy, data, and ownership. He added that Web3 is a reaction to the centralised domination of a handful of tech giants in cyberspace.

Quoting Elvin Tofler, Dr. Singhvi put emphasis on the importance of unlearning and how India needs to relearn about the growing Web3 industry. In this context he quoted, “The illiterate of the 21st century will not be those who can’t read and write, but those who can't learn, unlearn, and re-learn. Learning, unlearning, and re-learning is a core part of the process that each of us has to engage in.”

Additionally, Dr. Singhvi expressed his views that blockchain tech isn’t just a more efficient way to settle securities but it will fundamentally change market structures and possibly even the architecture of the internet itself.

Reflection on the importance of events like Namaste Web3, Dr. Singhvi said, “Educational initiatives like Namaste Web3, which travel from city to city inviting tech enthusiasts and industry leaders to join the Web3 revolution, can be quite effective in informing the public about the potential benefits of blockchain-based finance.”

According to Dr. Singhvi, “Web3.0 will be a web of trust. Web3 is aligned to India. Web3 gets a boost from one of India's strongest assets - its tech talent.”

You can watch his entire address here.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash