A number of Nifty 50 companies are exploring Web3 applied sciences like cryptocurrencies and blockchain, in keeping with a report by crypto agency Mudrex, solely shared with Devices 360. The report reveals that 16 corporations, together with Reliance, Airtel, ITC, and TCS, are leveraging Web3 for digital advertising and marketing, provide chain administration, CBDCs, and cross-border buying and selling. Mudrex famous that institutional adoption of Web3 in India is steadily rising.
32 % of India’s top-most companies have proven readiness to discover rising applied sciences like Web3, the report added.
“Via the information collected from numerous sources, the findings come out to be that greater than 32 % i.e. 16 of Nifty 50 corporations by quantity are already leveraging blockchain options. Alongside the identical strains, over 61.6 % of the highest Nifty corporations by weightage have some publicity to blockchain,” the report famous.
Key Highlights from Mudrex’s Findings
Final month, Reliance Jio quietly built-in JioCoins into its Jio Browser service to incentivise customers. Round 35 % of Web3-friendly Nifty 50 companies are exploring blockchain and crypto tokens in monetary providers. Firms like HDFC, ICICI, SBI, and Axis Financial institution are actively researching and testing crypto wallets and India’s eRupee CBDC.
Past finance, Web3 adoption is increasing throughout IT, oil and gasoline, FMCG, and automotive sectors, with companies like Infosys, TCS, Tata Motors, and Wipro main trials. Industries comparable to healthcare, telecom, building, mining, energy, and shopper providers are additionally evaluating blockchain options.
Regardless of regulatory uncertainty, the report predicts that main companies will proceed deepening their engagement with blockchain and crypto tokens.
“Primarily based on the obtainable knowledge, we predict that by 2028, one in two Nifty 50 corporations might be utilizing Web3 applied sciences, indicating round an 18 % YoY improve in adoption of the web3 ecosystem by the nation’s high corporations,” Mudrex added.
In 2024, Bharti Airtel introduced its funding in blockchain start-up Aqilliz – that specialises in offering Blockchain as a Service (BaaS) options for digital advertising and marketing. In 2021, Tata Metal grew to become the primary Indian metal firm to have executed blockchain-enabled commerce between India and Bangladesh.
In response to Mudrex, the transparency and safety of blockchain, in comparison with conventional net servers, will drive additional exploration of this know-how in digital advertising and marketing, manufacturing, and provide chain administration.
“India’s main companies are leveraging Web3 improvements to redefine their core operations, signalling the nation’s emergence as a key participant within the international blockchain revolution. This evaluation offers an in-depth have a look at the strategic strikes of high Indian corporations, setting the stage for understanding how these developments will drive India’s emergence in Web3 and digital transformation,” the report famous.
India remains to be within the technique of defining rules for the Web3 sector, with no clear timeline for finalisation. Whereas the federal government helps blockchain adoption at nationwide and state ranges, it stays cautious about cryptocurrencies. Regardless of the RBI’s repeated requires a crypto ban, it has pushed forward with superior trials of the eRupee CBDC.
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