India Blockchain Week 2024 started with key insights by Tak lee, CEO and Managing Partner of Hashedem. He pointed out that the how nation leads in the global internet economy, driving innovations by building interconnected ecosystems and leveraging technology that links the world. Following are the key insights.

The nation's economic diversity fosters scalable solutions through enduring habits. Regarding regions, the urban part places higher importance on quality and convenience, with growing regions on mobility and value, while aspiring regions prioritize affordability and essentials. Together, these habits form a foundation for inclusive growth with global relevance.  India can showcase how its economic spectrum can stimulate and drive inclusive and scalable solutions. Diversity is a bold mind for creating scalable and inclusive solutions.

Social-cultural diversity

India demonstrates how its social and cultural diversity fuels innovations for a global and interconnected community. The country's rich cultural heritage inspires diverse community-driven activities, and its decentralized political structures allow inclusive representation. Together, these elements form a resilient and interconnected model that foster innovation. India is transforming global finance through democratic empowerment, moving from limited access to widespread financial inclusion driven by innovations like UPI. For instance, Before UPI, banking was limited and digital transactions were rare and expensive. However, after UPI came to light in 2016, 80% of people now have access to banking, and half of the transactions are online.

India As Global Model

India can become a benchmark for many other leadership states. Even Indian innovation redefines global possibilities, representing emerging states' and underdogs' resilience and ambition worldwide. Moreover, the success stories exemplify resilience and innovation, inspiring global transformation. The country’s IT exports, groundbreaking space missions at unmatched cost efficiency, and leadership in agriculture through cooperative models showcase its ability to achieve global impact through resourcefulness and determination. Hence, these stories prove that India can compete and win globally.

Scalable Innovations

India demonstrates exceptional efficiency by leapfrogging conventional systems. Its electoral process manages hundreds of millions of votes daily, and its service delivery models combine speed and affordability. These achievements showcase scalability and innovation as crucial drivers of improvement. More importantly, scalable innovations address local challenges while inspiring global solutions. Inclusive systems like Aadhaar transform access to finance, healthcare models like Aravind Eye Care provide affordability at scale, and innovations in connectivity make digital access universally attainable. These solutions showcase India’s ability to lead with impactful models.

Achieving global web3 leadership

India's Web3 group is part of a bigger vision, which is India's Digital Renaissance. By accelerating innovation in areas like blockchain and digital infrastructure, we can transform lives and scale it. Global Web3 leadership depends on the combination of key stakeholders. Operators drive impactful ecosystems, investors enable innovation through strategic capital, and regulators craft pragmatic policies. Collaborative efforts among these groups are essential to transforming India’s Web3 landscape.

Web3 provides a significant opportunity for Indian funds to align with global trends. While international asset managers allocate 1-6% of their portfolios to crypto, Indian VCs allocate less than 10%. Redirecting even a small portion of capital could unlock over $1 billion in investments within five years, positioning India as a leader in the Web3 space. India is emerging as a global hub for developer growth, with a 28% annual increase and 17 million developers driving innovation. The nation ranked second in global open-source contributions and is on track to surpass the US as the largest developer market by 2028, solidifying its role in shaping the future of technology.

Web3 offers significant long-term opportunities driven by innovation and scalability. From yield generation and decentralized exchanges to block chain infrastructure and specialized applications, the ecosystem continues to demonstrate transformative potential across multiple sectors. India's strategic value for Web3 ecosystems continues to grow, with its share of global developers doubling from 6% to 12% in two years. Active ecosystems have expanded significantly, and the nation is now a key destination for leading projects. This growth underscores India’s unmatched importance in the Web3 space.

India is positioning itself as a leader in Web3, setting global benchmarks and fostering innovation that inspires growing markets. By shaping transformative solutions, the nation is building the foundation for a decentralized future.