Akshay Aggarwal, one of the co-founders of Blockchained India, an open blockchain enthusiast community, announced its mass adoption plan of Web 3.0 enterprises in India. In the announcement, he said that the vision entails transforming the enterprises of the future.

“Platforms for various kinds of preneurs like Flipkart, Makemytrip and Indiamart will be the new enterprises. Minds aspiring to become the next mover and shaker are working today to create platforms of tomorrow.”

The enterprises of today come with various flaws and one of those being ownership and accountability. Giving an example of one of the platforms, he said more of such problems would surface, and a strike will be needed to maintain a balance in the interests of all the stakeholders.

“A few years back, I had come across this case where a friend had ordered a phone through the online marketplace only to realize at the time of delivery; there was only a stone delivered inside the phone case. Much to his dismay, the platform team brushed off responsibility towards the seller justifying itself as only the mediator in the whole interaction.”

The platform enterprises powered by centralized ecosystem must require a gateway to solve conflicts before they start conflicting with stakeholders’ interest. Decentralization can help tackle the problems by bringing all the stakeholders on a decentralized network with creating a new platform with monopolistic tendencies.

Aggarwal emphasized blockchain’s usefulness in privacy focussed permissioned use cases and that this initiative will enable them to penetrate ahead into the industry. Stating further, he pointed out that many people still don’t believe in cryptocurrencies, and this step will evolve their belief and get it aligned with the created opportunities.

India is increasingly becoming conscious of blockchain technology, and firms are ready to experiment with it. However, the Indian regulatory bodies aren’t paying attention to decentralization or smart contracts, and as a result, Indian technological innovation is progressing very slowly.

Amid the recent hearings by Supreme Court on cryptocurrency ban, RBI disclosed that it didn’t ban crypto. They categorized virtual currencies as a financial instrument and prohibited financial entities from dealing in it. We can only see their frustration while trying to desperately justify their decision. Good times are coming, crypto winter seems to have passed!

Learn more about Blockchained India’s latest event – Blockchain Bytes featuring The Open Application Network on the 15th of February 2020.