**India**: A report reveals that 32% of Nifty 50 companies, including Reliance and TCS, are exploring Web3 technologies, with major applications in finance, marketing, and supply chain management. Industry leaders expect increased blockchain adoption despite regulatory uncertainty, predicting rapid growth by 2028.
A significant shift towards Web3 technologies is taking place among several companies in India, particularly within the Nifty 50 index, as highlighted in a report by the crypto firm Mudrex, shared exclusively with Gadgets 360. The report indicates that 16 of the Nifty 50 firms, which include major players such as Reliance Industries, Bharti Airtel, ITC, and Tata Consultancy Services (TCS), are actively exploring the various applications of blockchain and cryptocurrency technologies. These firms are leveraging Web3 for purposes ranging from digital marketing to supply chain management, central bank digital currencies (CBDCs), and cross-border trading.
The findings of the report suggest that about 32 percent of the top companies listed on the Nifty 50 have shown an inclination towards embracing emerging technologies, particularly Web3. Mudrex states, “Through the data collected from various sources, the findings come out to be that more than 32 percent i.e. 16 of Nifty 50 companies by number are already leveraging blockchain solutions.” Additionally, it is noted that over 61.6 percent of these leading firms have some degree of exposure to blockchain technologies.
Significant developments have already taken place in this space. For instance, Reliance Jio recently integrated JioCoins into its Jio Browser to incentivise user engagement. Furthermore, approximately 35 percent of the Web3-friendly Nifty 50 firms are delving into blockchain and crypto tokens specifically for financial services. Key financial institutions, including HDFC, ICICI, State Bank of India, and Axis Bank, are reportedly actively researching and piloting crypto wallets as well as India’s eRupee CBDC.
The push for Web3 adoption is not confined to the finance sector alone. There is a widespread interest across various industries, including information technology, oil and gas, fast-moving consumer goods (FMCG), and the automotive sector. Companies such as Infosys, TCS, Tata Motors, and Wipro are currently spearheading trials in these domains, and industries such as healthcare, telecommunications, construction, mining, power, and consumer services are also considering the implementation of blockchain solutions.
Mudrex anticipates that despite ongoing regulatory uncertainty, leading firms will escalate their involvement with blockchain and crypto tokens. “Based on the available data, we predict that by 2028, one in two Nifty 50 companies will be using Web3 technologies, indicating around an 18 percent year-on-year increase in adoption of the Web3 ecosystem by the country’s top companies,” remarked Mudrex.
Notable investments reflect this trend, such as Bharti Airtel’s commitment to establish a foothold in the blockchain arena by investing in Aqilliz, a start-up that offers Blockchain as a Service (BaaS) solutions for digital marketing. Tata Steel also made headlines in 2021 as the first Indian steel company to engage in a blockchain-enabled trade transaction with Bangladesh.
The report underscores the advantages that blockchain offers in terms of transparency and security compared to traditional web servers. These benefits are anticipated to be key drivers for further exploration of blockchain technology in digital marketing, manufacturing, and supply chain management.
As India navigates the complex landscape of defining regulations for the Web3 sector, the timeline for finalising these regulations remains unclear. The government appears to endorse the adoption of blockchain at both national and state levels, albeit with caution regarding cryptocurrencies. Notably, despite repeated recommendations from the Reserve Bank of India advocating for a ban on cryptocurrency, the government has proceeded with advanced trials of the eRupee CBDC, suggesting a nuanced approach to digital currency and blockchain technology in the country.
Source: Noah Wire Services
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