The Spotlight is a series of conversations between Coin98 Insights and industry builders about hot topics in the market.
India is considered a country that produces many technological talents. At the same time, according to reports by IAMAI and Kantar, up to 52% of the population (about 759 million people) has access to the Internet from 2020.
Born and raised in India, the cradle of many tech talents, Aishwary Gupta is currently the Head of Ecosystem India in Polygon. A used to work at American Express and several FinTech companies before falling in love with crypto.
Aishwary Gupta said:
There have been several attempts between blockchain companies and governments to apply blockchain technology to real-world problems. For example, during the COVID pandemic, blockchain was used to generate verifiable COVID validation certificates, eliminating the problem of fake certificates.
In addition, blockchain solutions have been implemented to track the allocation and use of funds for pregnancy care centers. As a result, nearly 2.5 million pregnant women were supported for six months.
For example, milk production is a big problem when it is not possible to determine if the dairy product is really from a particular farm, or if someone has added chemicals to create fake milk.
As a result, a partnership is underway to implement supply chain data on milk production on blockchain to prove product accuracy.
“There are three main trends when it comes to how blockchain is impacting people’s lives in India.
The first trend involves 3% of the population having access to a variety of resources and services. With this group, I think blockchain might not bring much benefit because they are already well-served.
The second trend covers about 20-25% of the population, with the presence of the Indian government and most domestic businesses. They have access to resources but haven’t taken advantage of them.”
Are financial institutions in India ready to get access to blockchain technology?
“I think there are two aspects to consider: one is the use of blockchain in the financial sector and the other is in the non-financial sectors.
In the financial sector, it is not appropriate to use cryptocurrencies as a means of payment. Therefore financial institutions also see no reason to adopt it.
However, India will host the G20 summit this year. One of the key goals they want to address is international payments, at least among G20 members, to reduce costs and increase efficiency. I think this is also the starting point for blockchain technology to be applied to finance. ”
“Beyond India, the interest of large financial groups like BlackRock in a Bitcoin ETF can be seen as a positive sign.
If the Bitcoin ETF is approved, financial institutions will have the opportunity to access Bitcoin indirectly, attracting a new amount of capital into the crypto ecosystem. I see the interest of major global financial institutions creating a positive impact on the market and creating more opportunities for investors.”
Polygon is still a vibrant blockchain. What makes Polygon so attractive?
“At Polygon, we focus on supporting real builders and the projects they bring to the ecosystem.
There are many good projects on the market, but not everyone knows how to do marketing, most just focus on building products. If they come to Polygon, we’ll help.
Recently, we launched Polygon zkEVM and are bringing more DeFi applications there. Instead of giving you funding packages of hundreds of thousands of dollars, we create a complete infrastructure system. You can partner with us, you can collaborate on projects on Polygon. There you can easily extract value from an ecosystem.
Recently, we have also cooperated with brands from traditional markets such as Starbucks, Nike, Swoosh… They don’t understand Web3, they understand Web2. We understand Web3. So we create a win-win relationship.” – Aishwary Gupta
“They don’t understand Web3, they understand Web2. We understand Web3. So we create a win-win relationship.”
– Aishwary Gupta
Polygon once launched Polygon zkEVM. Then Polygon continued to announce the Polygon Validium Network.
So is there any disadvantage when these two networks run in parallel?
“Actually not because each network serves a purpose and that’s how blockchains and two typical rollups like optimistic and zero-knowledge rollups are designed.
In the optimistic rollup, the transaction is assumed to be correct without mathematical verification, but when moving back to L1, the asset is locked for 7 days for transaction verification. I don’t want my assets locked for 7 days. That is a big problem.
Meanwhile, in the zero-knowledge roll-up, every transaction is verified by computation and data stored on-chain. Increased verification volume means increased costs, but also increased security. They can work in parallel.”
Any advice for builders in the crypto market?
” Singapore also has many developers, but they choose to come to Vietnam because the cost in Vietnam is not too expensive, and the Web3 community in Vietnam is strong. There are many developers who are “burning out” in the country. Therefore, Vietnam is an attractive “S-shaped strip of land”!
Before the bull run happens, I advise these builders to focus their energies on building their products. ”
Which puzzle piece will attract strong cash flow when the bull run season comes?
“International payment is the most interesting piece of the puzzle because it is being researched by businesses.
With NFTs, I see plenty of room for NFTs to bring more use cases, add value, and make them more popular.
Finally, I strongly believe in data ownership. ” – Aishwary Gupta
Source: https://coin98.net/
