The Bharat Web3 Association (BWA) has signed a memorandum of understanding (MoU) with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia. This collaboration aims to foster innovation and speed up the global adoption of blockchain technology.

Key Objectives of the MoU:

– International Standards Alignment: Ensuring that members follow global best practices in blockchain.
– Knowledge Sharing: Promoting the exchange of insights and expertise within the industry.
– Industry Development: Supporting the growth of blockchain within India’s Web3.0 landscape.
– Global Standards: Working towards creating unified standards for blockchain implementation.

The MoU, signed on September 25, 2023, is part of BWA’s continuous effort to expand its global partnerships.

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Industry Insights:

Dilip Chenoy, BWA’s chairperson, highlighted India’s strength in the digital economy, stating, “India is the third-largest digitalized economy in the world, providing fertile ground for Web3 innovation and positioning India as a global hub for Web3-first products and services.”

Previous Collaborations:

Prior to this agreement, BWA had partnered with industry organizations in Singapore and Japan, underscoring its commitment to creating a global blockchain ecosystem.

Advocacy for Blockchain Adoption:

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BWA has been a strong advocate for the use of blockchain technology, promoting a regulatory sandbox approach, which allows businesses to test new ideas under regulatory oversight. Key initiatives include:
– Working with the Telangana government to transfer funds to women and tokenize real estate using a regulatory sandbox.
– Deploying blockchain projects with the governments of Maharashtra and Rajasthan to improve transparency in government programs and auditing.
– Proposing the establishment of a regulatory sandbox to the Karnataka government to promote blockchain solutions in governance.

Web3 Growth in India:

India’s Web3 ecosystem is thriving, with over 1,000 Web3 startups and a growing share of global Web3 developers, rising from 3% in 2018 to nearly 12% in 2023. This highlights the country’s growing potential in the Web3 space.

Key Highlights:

– MoU Signed: BWA has partnered with DECA and Asosiasi Blockchain Indonesia to drive blockchain adoption.
– Focus Areas: International standards alignment, knowledge sharing, industry development, and the establishment of global standards.
– Founding Members: Includes major firms like CoinSwitch Kuber and Polygon.
– Blockchain Advocacy: BWA promotes blockchain adoption through regulatory sandboxes, partnering with state governments.
– Web3 Growth: India has over 1,000 Web3 startups and is steadily increasing its global developer share.

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This partnership is a significant step in positioning India as a key player in the global Web3 landscape, further boosting blockchain adoption and innovation.

Source: pune.news

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