How Web3 advancements are driving the growth of global technology outlook

In the last two decades, advancements in digital technologies have gathered steam. One of the major milestones in this regard was the public release of Blockchain technology, leading to the creation of an entirely new financial ecosystem in cryptocurrencies. However, the impact of this extended beyond finance, with the establishment of Web3 creating unprecedented opportunities in numerous sectors, especially Information Technology (IT). Blockchain’s innovative aspects such as decentralization not only offered innovation, but its functionality extended beyond what was previously perceived as possible — having a proactive role in the development of smart contracts, open source technologies, Artificial Intelligence (AI), Machine Learning (ML), Decentralized Cloud Storage, Decentralized Social Networks and many more.

As things stand right now, the worldwide advancements in Web3 have meaningfully contributed to the market becoming valued at $2.25 billion in 2023, with an annualised growth of 49.3% till 2030. In the Indian context, this offers a unique opportunity for India’s large IT sector, along with the startup ecosystem. With a global reputation as one of the most reliable IT service providers, the Indian IT sector is extensively working with Web3 technologies presently, and as the world adopts these new-age technologies, it uniquely positions India as the preferred destination for clients. With a robust supply funnel of talented professionals, India is gradually becoming the hotbed for Web3 advancements, driving growth for the global technology outlook.

Artificial Intelligence & Internet

As great emphasis is going into the development of Artificial Intelligence, especially LLMs and Agentic AI, Web3 technologies like Blockchain are becoming a critical component. With Blockchain’s capabilities in decentralization, data integrity, management and transparency, it is methodologically facilitating AI model training. Furthermore, as AI models analyze a significant amount of data, research efforts are underway to use Blockchain to facilitate the transfer of this data, ensuring transparency of the overall process. Also, these aspects are converging to create Decentralized AI (DeAI), creating an advanced version of AI that is controlled by the users, transparent and not bound by the limitations of traditional AI models.

Furthermore, as the vision to establish a Semantic Web as the next evolution of the World Wide Web progresses, this Web3 technology has the potential to comprehensively transform how the Internet is generally perceived. As the Semantic Web remains one of the cornerstones of Web3, advancements in achieving this goal are gradually transforming the global digital technological outlook. Coupled with this, Web3 offers users significantly higher control over data and reduces the chances of censorship for decentralized networks, a critical aspect for achieving freedom of expression in the digital domain.

Innovations beyond Finance

Digital technologies are transforming every day, and as we adopt more Web3 features, the technological outlook is going beyond cryptocurrencies. For instance, the healthcare sector has long used ERP systems to store and disseminate patient data among its employees. However, these systems are prone to errors and cyberattacks, which is why using Blockchain technology as an alternative for this functionality helps with an enhanced scope of privacy, security and transparency. Advancements in Blockchain and in Web3 offer to integrate these new-age technologies with the most era-appropriate solutions — an aspect that has already begun.

For example, cloud technology has quickly become the talk of the tech town in the last couple of years. Integrating technologies like Cloud or Blockchain with existing solutions like ERP, ERM, CRM and others are becoming the norm. This comprehensive transformation has been made possible with the unprecedented advancements made in Web3, leading to more efficiency, time-saving and growth. Additionally, the inroads made in Web3 so far are also acting as a navigator for new technological developments. Innovations in the space are not only catering to the present challenges but also probable concerns of the future, as Web3 becomes the benchmark in the world.

In the Indian context, Web3 developments and advancements in global tech are both being considered drivers for growth. At present, India contributes almost 11% of the global workforce in Web3 development, and coupled with India’s growing startup ecosystem, this provides a unique opportunity for the country. A significant part of the India startup space consists of companies that are driving these advancements with innovative offerings, impacting sectors like logistics, electronics, healthcare, education, energy and many more.

Future Outlook

As the growing emphasis on advancements in Web3 continues, global technological growth will continue simultaneously. This offers to create an entirely new framework for the internet as a whole, and era-appropriate measures and features will take centre stage in the coming years. However, extending necessary supportive measures like policies will be crucial to the long-term viability of Web3 innovations around the world, creating numerous employment opportunities and infusing fresh talents whose ideas have the potential to transform the global technological outlook with Web3.

Authored by Arun Prakash M, Founder and CEO of GUVI Geek Networks