India Blockchain Week Returns to Bengaluru, Sparks Dialogue on Security Gaps and Self Custody

India’s Web3 business leaders have gathered in Bengaluru to debate the digital renaissance pushed by blockchain-based fintech. On Wednesday, December 4, Web3 enterprise capital agency Hashed Emergent launched the two-day headliner occasion of India Blockchain Week 2024 within the nation’s tech hub. This marks the second version of IBW, which made its debut in 2023. Leadership groups from main crypto, DeFi, and blockchain corporations are attending the occasion, partaking instantly with India’s esteemed Web3 developer neighborhood.

Key matters at IBW 2024 embrace the pressing want for safety options to stop incidents just like the latest WazirX hack, in addition to a deeper understanding of self-custodial wallets and their potential drawbacks.

Discussions on self-custody wallets have intensified in latest months, fueled by a sequence of hacks, notably these focusing on custodial crypto exchanges. These pockets suppliers enable customers to retain management of their non-public keys as an alternative of storing them throughout the supplier’s system.

In one of many occasion’s first panel classes, CoinDCX CEO Sumit Gupta, Mudrex co-founder Edul Patel, and Bitgo COO Chen Fang addressed the present limitations of self-custody wallets, agreeing on the challenges that also should be overcome.

“If you possibly can deal with self-custody, and also you perceive all of that, all the time transfer funds from custody. That’s the ethos with crypto. That’s the ethos across the blockchain. The downside is that lots of people do not know find out how to use it. Much extra crypto has been misplaced for all times by self-custody errors, than hacks that are not inside jobs,” Patel stated with Gupta and Fang in settlement.

The want for elevated training and consciousness round crypto and Web3 was additionally a key matter of debate throughout panels. Industry leaders emphasised that till extra individuals perceive the challenges behind the much-hyped options in Web3, new entrants ought to strategy with warning.

Among the important thing highlights, the “Trump impact” on Bitcoin—driving its worth near $100,000 (roughly ₹84.7 lakh)—has sparked pleasure inside India’s Web3 neighborhood.

The latest departure of Gary Gensler as chair of the US SEC has additionally fueled optimism about crypto’s development within the US, with hopes that this constructive shift will lengthen to different international locations. Under Gensler, the SEC had clashed with crypto giants like Binance, Kraken, and Coinbase, drawing criticism for stifling sector development.

Later panels will characteristic representatives from Web3 corporations akin to Polygon, Supra, Aptos Labs, Monad, Astar Network, and Pi42, who will have interaction with stakeholders, buyers, and builders within the Web3 house.