In the world of technology, no one understands Web3 and its best use case, cryptocurrencies, better than those who are working on it!
The Web3 community offers enough space for anyone who wishes to join. There is space for developers, blockchain enthusiasts, artists, those interested in creating open-source research frameworks, and so much more as one can name it!
The Web3 community, as it is in its nascent stages, is largely fractured and scattered. The importance of Web3 cannot be gauged now as the industry is expected to revolutionize the financial and cooperative organizational structures. One can only reap benefits from it by synergizing contributions and building a thriving Web3 ecosystem. For that, there is a need for government intervention to enable network building and better incubation.
TN Web3 — Build Ahead
As writer, teacher, and speaker Margaret J. Wheatley remarks, “There is no power for change greater than a community discovering what it cares about.”
On 25th November, the Electronics Corporation of Tamil Nadu Ltd (ELCOT) and the Department of Information Technology and Digital Services, Government of Tamil Nadu, along with Web3 and blockchain technology company Giottus organized a Web3 conclave ‘TN Web3 — Build Ahead’ to gather the community and enable a larger creative space.
Tamil Nadu IT Minister Mano Thangaraj; Principal Secretary of IT dept Neeraj Mittal I.A.S, MLA and member of the TN State Planning Commission TRB Rajaa, Managing Director of Electronics Corporation of Tamil Nadu Ltd Ajay Yadav I.A.S and many other Industry Leaders and Tech Start-up Founders took part at the event. Giottus Technologies CEO and founder Vikram Subburaj presented the overview of the conclave’s context.
“Web3 is the new and emergent technology that is going to change the world. The beauty of it is that we will all be owners of the new web space, and this is in the true spirit of the free internet propounded by greats like Tim Berners-Lee. The non-intermediary function of blockchain is sure to usher in a new era in financial transactions, governance, and innovation” said Vikram.
We all know that Web3 is the next upgrade of the Internet. Technology giants like Facebook, Google, TCS, Tesla, and finance giants like MasterCard, BlackRock Investments, PayPal, Samsung, Goldman Sachs, and BNY Mellon, have all invested in Web3 projects.
Bridging the gap
Tamil Nadu is already the SAAS capital of India and has the potential in India to become one of the Web3 hubs if provided with a conducive environment for companies, products, and research.
According to a 2018 report, the SAAS sector revenues in TN were over a billion dollars, and employed over 10,000 workers. Zoho Corp has over $500 million in annual recurring revenue and Freshworks has around $100 million. Even by modest estimates, the Web3 revenues could be as much.
In fact, by 2032, Web3 and blockchain can add a staggering $1.1 trillion to India’s GDP, and Tamil Nadu can take a lion’s share of this gain by sowing the seeds today.
Chennai is home to only a handful of Web3 start-ups. The city can benefit only by combining efforts and creating a robust Web3 ecosystem at par with the SAAS dominance Tamil Nadu currently holds. For network building and improved incubation, government participation is required.
TN Web3 — Build Ahead was aimed as a thought leadership initiative to build sustainable and healthy Web3 hubs that could employ over 10,000 youths a year. It can also promote Tamil Nadu/Chennai as the go-to destination for Web3 and drive revenue for the state, as the top 5 ($100 million) companies could operate from Chennai.
It is a thought leadership initiative and a primer to upcoming R&D, product-building, and business activity in the Web3 space. It was also a starting point for better policy and infrastructure ask from the government.
The conclave brought together businesses, contributors, investors, college students, government organizations, industry bodies, and universities and emerged to be the best networking event for the community.
