Web3 Tech In Telangana!

KCR government announced the launch of a Web 3.0 Regulatory Sandbox. It has opened the doors for local and international firms and innovators to test technologies, solutions, services, products, business models, and even policies in a ‘live’ environment in the Sandbox. This will also help regulators identify the barriers to beneficial innovation. The applications for this will be open twice in a year.

What is Web 3.0?

Web 3.0 (Web3) is the 3rd generation of web technologies and is in progress. It took more than 10 years to transition from the original web. Till now there is no universally accepted definition for Web3, the emphasis is on blockchain-based technologies, artificial intelligence, and machine learning to make intelligent, adaptive, and decentralized applications.

What is a Regulatory Sandbox?

A Regulatory Sandbox is the live testing of new products or services in a controlled and test regulatory environment. Regulators may permit certain relaxations for the limited purpose of testing. It allows the innovators, regulator, and service/product providers to conduct field tests, and collect evidence on the benefits and risks of innovations and ideas. These will be monitored and the risks contained. The insurance and banking sectors have been using this channel to scout innovations.

Last week, Telangana signed MoU with Coinbase Inc, a Web 3.0 giant, to join hands towards building a strong Web 3.0 community in Telangana.