This new incarnation of Internet will bring high salary jobs in India, IT sector will also benefit.

The Web3 sector, the new generation of internet based on decentralized blockchain technology, has the potential to create around 20 lakh high-paying jobs in the country within the next decade. This has been estimated in a report. A report by management consulting services provider Primus Partners said India is home to more than 900 enterprises in the Web3 sector. It will have 11 percent share in the global Web3 developer community in the year 2022. This has secured India’s position as the third largest talent pool of developers globally.

Web3 will make work easier in these areas

The transformative potential of Web3 spans a variety of sectors, with collaborative pilot projects demonstrating its usefulness. According to this report, the major uses of Web3 include supply chain management, privacy in healthcare, education and experience certificates, voting systems, identity management. Thus, Web3 integration, when implemented responsibly, can change the face of industries.

Web3 can be seen as a set of technologies and platforms that help implement decentralized solutions that provide value to all stakeholders. Shravan Shetty, Managing Director, Primus Partners, said, “The potential for transformative growth as Web3 evolves is stark. This report highlights its proliferation and growth potential for India.”

What is Web3?

Web3 or Web3.0 is the next phase of the Internet world. Decentralized technology is used in this. Cryptocurrency, NFT and Metaverse are examples of this. This is also being used in machine learning and AI.