Cryptography 101: Giving a framework to the brimming blockchain businesses of India – Times of India

A centralized approach to a decentralized sector

2020 was the crypto summer that led to a spurt in the global number of jobs in the cryptocurrency, and NFTs arena. In India, Blockchain and crypto-related jobs grew by 804% between April 2020 to April 2022, according to a report by American consulting firm Gartner, despite a bearish market and stringent regulations by the Indian government.

As web 3.0 is pacing up, the services providing built-in bases for businesses to foray into the Blockchain, NFT, DeFi, and DAO space are becoming an inevitable enabler of modern-day tech and a vital source of employment for the generation. But here is the bottleneck to the blockchain business; it is still in its preliminary stages in India. Developing a web 3.0 platform required industry expertise and engineering maturity. The gap is being filled by Web 3.0 Infrastructure companies offering Whitelabel solutions to entrepreneurs who are keen to step into the space. They are helping other companies create top-tier platforms to grow their establishments and expand in the emerging NFT space and Metaverse. The deployment of BaaS can help the brand foray into the world of NFT & Metaverse by having an online presence thats not just diverse but also advanced. Companies can leverage create and leverage virtual assets made by using white-label solutions.

When the first wave of simple networked web culminated in the 80s and 90s, there was a barrage of rules and community-controlled internet protocols, limiting the Internets acceleration to a great extent. By the second internet evolution, restrictions eased, allowing user-driven creativity to flourish and industrial innovation to take over. Then Google, Amazon, Facebook, and Apple came in.

Now that we are in the midst of the third web transition, i.e., Web 3.0, take over, decentralization is taking center stage. The walls of imposed rules are breaking down, and users are looking for more open and sophisticated services. Multi-functional ledgers of white label solutions, quick turnaround timing, and lesser engineering requirements are taking over.

Leveraging decentralization as their core Blockchain-as-a-Service solutions, BaaS developers are stepping in to provide cost-effective, customized ready-to-be-branded Web 3.0 NFT Blockchain infrastructures for businesses. Several Indian players in this sector, like Seracle, have been leveling the playing field for big businesses, creators, and communities by assisting them in creating robust crypto networks and viable marketplaces tailored to the organizational need.

With community-governed ethos, advanced modern functionality, and white label solutions like Crypto Exchange, DeFi-DAO platforms, NFT Marketplace, and Metaverse, Blockchain is taking over enterprises, in turn, can focus on delivering innovative solutions to their customers. Instead of hiring newer resources to aggregate such services, costs accrued by businesses are being cut down by these platforms that offer culminated Web 3.0 solutions.

With the NFT and DeFi marketplace values soaring over 340 billion USD globally, the need for unanimous global regulations in the blockchain sector remains high. A platform functioning within regulatory compliance is essential to maintain algorithmic stability and reduce the chances of data mismanagement, a common shortcoming of any software-based product. Blockchain-based services are unique asset classes based on a unique technology that aims for resolutions to bring down such mismanagement.

Hailed as the next game-changer by critics, experts, and influencers alike blockchain has the potential to do what the internet did for finance, art, or any other enterprise of 21 st century. Blockchain technology can unequivocally upscale the finance system through DeFi, DAO, and Cryptocurrency.

Some might dismiss this as another tech fad, but at least for 2022, DeFi platforms have already racked up over 200 billion dollars of remunerations in value. In parallel, the global blockchain market is also growing to touch a 163.83 billion dollar valuation as a market by 2029.

The key differentiator between any DeFi, blockchain, and traditional service is the De in the name. Services can exist in a decentralized manner without the need for an intermediary. Tamper-proof, virtual, and global, BaaS can redefine how businesses carry transactions in Web3.0.

Views expressed above are the author's own.

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Cryptography 101: Giving a framework to the brimming blockchain businesses of India - Times of India