By Kristin Boggiano
The crypto industry, India, & Web 3.0
The crypto industry could add $184 billion dollars of economic value to India by 2030, says a report published by the National Association of Software and Services Companies (NASSCOM) in India. I think that number is low.
India is well positioned to take advantage of Web 3.0. The building blocks are open source, which means that everyone has access. These building blocks are like legos. People can build safe, fast, consistent, transparent, rails for lending, borrowing, extensions of credit, using advanced financial models. With transparency that is inherent in the technology, risk management will be better for the consumer.
In order to participate in this new financial ecosystem, one only needs a phone.
India & the U.S.
Perhaps India can look at how the US used technology to bring prosperity, education, jobs and increase the quality of life for people. In 1992, only 10m people worldwide were connected to the Internet. By Aug 2000, 51% of American households had computers; over 200 million people worldwide were connected. The internet sector produced over $1.7 trillion in revenues, contributing approximately to $2.1 trillion in value or about 10.1 percent of US GDP in 2019.
President Clinton used a well planned agenda (link below) to bring the revolution in information technology to the US. For example, he put a moratorium on Internet taxes; he tripled access to computers in schools; he connected universities and national labs, increasing innovation.
You can see more of what he did here: https://lnkd.in/dUcKjiwn.
With the right policies, India is extremely well positioned to allow the revolution in information technology to improve India’s citizens’ quality of life, creating jobs and reinvigorate the economy.
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