How DeFi and Web 3.0 will shape the future of finance

 CEOs and leaders in the banking industry discussed the impact of emerging technologies and innovations on financial service including the development of new decentralised operating models and Web 3.0, the third generation of the internet.

The internet has witnessed some major  disruptions, from  offering read-only, static content at its inception to much more more dynamic, interactive, and decentralised experience now..  Web 3.0 is  evolving with , innovations in decentralised finance (DeFi), blockchain, cryptocurrencies, and distributed ledgers as  its foundation. In December 2021, the total market capitalisation of cryptocurrencies stood at $2.2 trillion while the total locked value in DeFi protocols grew by over 1000% year-on-year.

The financial service industry is  accelerating the adoption of Web 3.0.

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Crypto and climate change: Can web3.0 help get us to net zero

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Web3.0 will operate on blockchain-enabled technology working on P2P network. It will transform netizens’ experience but the flow of information will be administered by the participants themselves and no control shall be enforced by any single authority. In the absence of a third party like a bank to vet the transaction there is a need to validate ‘system security’ by solving complex puzzles by the cryptographers on devices which are energy hungry. Only after solving the puzzle, miners add a new block to the chain and receive a token as a reward.

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Web3 to inject $1.1T in India's GDP by 2032, following 37x growth since 2020

 

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The explosive Web3 growth in the country is supported by several factors, including a large talent pool, a high adoption rate and product development for global markets.

The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch. 

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