How Web 3.0 Is Impacting The Finance Industry

With visible changes to the nature of the global economy, fin-tech and new-age technologies have emerged as the frontrunners to lead a cashless and virtual economy. Web 3.0 here has been a catalyst to transform the way we work, learn, transact and interact, allowing the elimination of central points of control of data for storage. Distributed ledger technologies such
as blockchain will support this decentralised
network’s security and storage. In short, Web 3.0
will be open, trustless and permissionless.

Speaking at a recent industry forum, Arun S Devarajan, Co-Founder, MoHash; Ankit Arora, Co-Founder, Metasky; Hanisha Vaswani, Managing Partner - Majority; Sanju Sony Kurian, Co-Founder & CTO - Vauld and David Engel, Fintech Business Development Manager - AWS (Chair) discussed how Web 3.0 is the present and the future to banking solutions.

Elaborating on why Web 3.0 accounts for their major investments, Kurian shares, "This answers for itself. Crypto 3.0 solves some fundamental problems of banking, along with solving the inherent infra problems in banking. We can do a lot as this space evolves, as crypto does stand a chance to relook at banking in the long term."

For Arora, his motivation to start in Web 3.0 was primarily to observe how communities can effectively get empowered to make effective change. "Communities are much wiser for collective incentives than what a corporate might be. How we work together will have a larger impact on how we work. Web 3.0 offers the most effective set of technologies to help us coordinate effectively and also coordinate capital with causes most effectively around the globe."

Devarajan also explains that the problem that he is going after is making deep pulls of low-interest capital available to small Indian businesses. "What Web 3.0 is offering is write a single standard I can raise to all over the world. That is way too powerful in comparison to the incumbent traditional finance ways."

Vaswani asserts, "Web 3.0 is helping in terms of its 'decentralised' approach. Traditional banking has not been able to lend to people with bad credit histories. We are now looking at a newer way of bringing people who are unbanked onto a system like Web 3.0. We may be able to use transactions that traditional bankers or other institutions have not considered for credit history."

They were all of a unanimous decision that Web 3.0 has emerged for the better, offering better possibilities to users, decentralised governance, incentives and a tool to scale communities better.