Forbes India 15th Anniversary Special

Web3 and blockchain gaining traction in India, startups seek regulatory clarity

"Clear regulations and policies for blockchain-based startups are crucial to instil confidence in companies exploring this technology," Dr Ravi Chamria, CEO Zeeve.

Shashank Bhardwaj
Published: Nov 9, 2023 11:38:35 AM IST
Updated: Nov 9, 2023 12:06:10 PM IST

Web3 and blockchain gaining traction in India, startups seek regulatory clarityImage: Shutterstock

Web3 and blockchain technology are witnessing a surge of interest and adoption in India. From finance to healthcare, blockchain’s potential to enhance transparency, security, and efficiency is attracting attention across various sectors.

Many public and private sector institutions, as well as state governments, are exploring the use cases of blockchain solutions. The Reserve Bank of India is encouraging blockchain adoption in payment systems and guiding banks to develop blockchain applications through its regulatory sandbox initiative. 

Many states in India are also exploring blockchain-based land record systems to minimise property fraud and errors.

According to Dr. Ravi Chamria, the Co-founder and CEO of Zeeve, “Almost all the large enterprises have at least some sort of initiatives going on that leverage blockchain. There are hundreds of web3 startups from India building different kinds of solutions. Reports suggest that around $1.1 trillion will be added to India’s GDP in the next few years, contributing significantly to our $5 trillion GDP goal. India also has one of the largest web3 developer workforces in the world. The challenge is to channel this workforce in the right direction.”

Zeeve is a “blockchain infrastructure as a service platform” contributing actively to the web3 space. They specialise in web3 infrastructure consulting, offer low-code automation for deploying and managing blockchain networks, and provide various data APIs/ tools to bridge the web2 apps to web3. They have also collaborated with major blockchain associations like NASSCOM, GBA, IBA, and IBF to promote and accelerate blockchain adoption across India.

Highlighting their contribution to the web3 space, Dr. Ravi says, “We [Zeeve] consistently invest in the latest technologies, such as AppChains and Rollups, and add support for the newest protocols to ensure developers have what they need.” 

“We will continue introducing more developer and infrastructure tools, including easy-to-use management and monitoring dashboards for new protocols,” he adds.

However, despite the growing adoption of blockchain in India, only a few startups are venturing into this space, and that is due to regulatory uncertainty. As emphasised by Dr. Ravi, “Accelerating blockchain adoption in India starts with providing regulatory clarity for blockchain-based startups.” Further, “Clear regulations and policies for blockchain-based startups are crucial to instil confidence in companies exploring this technology.”

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

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