At present, Web 3.0 is being shaped as decentralised internet. Theoretically, it will lead to disintermediation of Big Tech. Instead of Big Tech, we will witness DeepTech. The content creators will command more power.
The last three decades of the century gone by, namely between 1970-2000, internet was dominated by companies from the developed world. Countries such as India acted as body-shoppers.
These days many new technologies are emerging — AI and ML, NLP, IoT, AR and VR, battery technology. It will affect human civilization profoundly. The government fears loss of control especially in these days of Web 3.0. There are issues of these technologies getting weaponised.
Really speaking, the issues go beyond technology. They become strategic. Digital technology is leveraged for growth. However, we could come across actors who run counter to growth. Policy makers may lag behind the pace with which Web 3.0 is moving ahead.
India has used technology for inclusive policies, e.g. Aadhar, Jan Dhan, UPI, CoWin, Digital Health Mission. India has to decide how it can further the use of technology for common good.
India should take active part in global discussions in setting the standards for Web 3.0. Policy for control is not the only aim. It pushes the technologies into the dark-web. Or else, there is brain drain of the youngsters.
There are issues of cryptos, NFTs, marketplace, IP rights. There are issues of how these should be treated as financial assets.
Metaverse will present its own governance issues. It will be a comprehensive challenge to policy makers.
The Web 3.0 world will be boundary-less. Technologies will affect public narrative. It will affect political ideologies, financial markets and power structures. There will be sociological issues.
Governments will have to balance liberalism and sovereignty. The decade of 2021-2030 is called webade or Web 3.0 decade. There should not be digital colonialism or authoritarianism.
Web 3.0 will contribute tremendously to India’s GDP. India has a humongous base of internet users. It should therefore, lead the formulation of policy for Web 3.0.