Revolution 3.0: Web3, Blockchain And NFT

In the year 2021, around 750 million Indians were using smartphones, as per the report, and the demand is increasing day by day. Since the rise of fintech companies such as  Paytm, Phonepe and Google pay, online transactions have surged to 35 billion in the financial year 2021 and increased by 33 per cent year-on-year. This huge number eventually led to a rise in the security threat to common users such as online frauds, scams and hacking.

Blockchain technology is a decentralised system where the power is not in the hands of a single individual or institution. Web3 technology is similar where you can store your documents without depending on any other platform in the form of NFT. A non-fungible token or NFT is a digital identity or certificate that proves the originality of the digital asset. Web 3 technology is being considered as an opportunity to become safe and take your important details into your control.

While defining Web3 technology, Arpit Sharma, Vice President, Polygon says “Web 2 allows us to share our documents and file but Web3 adds digital ownership and it leads to an enriched form of internet”.

"We plan to build a 3D environment school. It will have a learn-to-earn concept and a rewarding system. Many children prepare and do artwork such as paintings, videos, posters that can be converted into NFT which has a whole economy of itself," Santosh Kumar CEO and Co-founder of 21kschool expresses while speaking about the impactful use of Web3. 

This was the conversation taking place at the AWS summit on the topic 'Build Web3 and blockchain applications' and Arpit Sharma, Vice President, Polygon; Santosh Kumar, CEO and Co-founder, 21kschool, Neil Kevin Martin, Co-founder, Legit doc; Srivatsa Sreenivasarao Co-founder and CEO TraceX were the part of the discussion.