The report reveals that Karnataka has emerged because the hotspot for Web3 companies, housing at the least 97 Web3 companies. Other states which can be seeing an increase in Web3 companies in India embody Maharashtra, Telangana, Haryana, and Uttar Pradesh.
Meanwhile, blockchain options emerged because the Web3 vertical with the most important focus of firms working inside it, in keeping with the report. Presently, 79 companies have been recognized by the BWA for conducting analysis and improvement work across the use instances of blockchain know-how.
This improvement, nevertheless, appears pure on condition that blockchain exploration is one Web3 area that the federal government has proven a eager curiosity in. India’s IT ministry has launched a collection of blockchain stacks for builders to soundly experiment with the know-how. Even TRAI has relied on blockchain know-how to blacklist spam callers.
A complete of 18.7 % of Web3 companies in India are focussed on growing blockchain-based options to enhance areas together with supply-chain administration, healthcare, and fintech amongst others. “We hope to quantify and produce consideration to the start-ups contributing to the silent Web3 revolution in India,” mentioned Dilip Chenoy, chairperson, BWA.
After blockchain providers, the subsequent hottest Web3 space is the alternate enterprise for digital digital belongings. A complete of 42 Web3 manufacturers are working round VDA transactions – making for 42 % of the full 422 companies.
Blockchain infrastructure firms, decentralised finance, gaming, and leisure are different areas which can be attracting entrepreneurs trying to set up Web3 companies, in keeping with the report.
“At Meity, we’re dedicated to nurturing a Web3 ecosystem that’s conducive to technological development whereas guaranteeing strong digital governance. The rise of Web3 applied sciences gives us with the chance to develop use instances that serve the general public good by way of enhanced transparency whereas fostering a inclusive digital financial system,” MeitY Secretary S Krishnan mentioned in an announcement included within the BWA report. “I imagine Indian innovators maintain the know-how to not simply navigate this rising house however the functionality to steer it,” he added
