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Global Investors Meet: IT firms discuss Web 3 and Web 5

India is one of the most rapidly growing hot spots for Web 3. These companies are remote first. You can work from anywhere. It opens up access and democratisation, said Nana Murugesan, vice president, business development, Coinbase. Murugesan added that 500 companies were working on Web 3 out of which four were unicorns already. “Even though most of these companies were in tier-1 cities, we are seeing rapid growth from tier-2 and tier-3,” he said.

He was speaking at a panel discussion at the Global Investors Meet in Bengaluru on Wednesday, where representatives from technology firms like Tech Mahindra, Microsoft and Coinbase deliberated on new age technologies such as Web 3 and Web 5.

The discussions also ranged from a Semantic Web, Fireflies AI assistant attending meetings to cognitive cities like Neon being built in Saudi Arabia at the panel discussion.

Irina Ghose, Microsoft India’s chief operating officer, said the uptake of cloud and artificial intelligence related technology projects has been high in the past one year at a speed never seen before because of the external environment (the Covid pandemic).

“Some of the rising trends are that of Web 3.0 and how everything is happening in a decentralised manner with blockchain. This is making it pervasive. A unified data model will have a compounding effect,” Ghose said, adding: “For example, in a government, data sources can be many but how will one make meaningful inferences of everything coming together?”

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Inferences from various data sources must be made in a simple language with meaningful predictions for the future. “Everything should come together in a ubiquitous cloud. Cloud is the way things will get powered in the form of digital native applications.” she said.
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