A number of Nifty 50 corporations are exploring Web3 applied sciences like cryptocurrencies and blockchain, based on a report by crypto agency Mudrex, completely shared with Devices 360. The report reveals that 16 firms, together with Reliance, Airtel, ITC, and TCS, are leveraging Web3 for digital advertising, provide chain administration, CBDCs, and cross-border buying and selling. Mudrex famous that institutional adoption of Web3 in India is steadily rising.
32 p.c of India’s top-most corporations have proven readiness to discover rising applied sciences like Web3, the report added.
“Via the info collected from varied sources, the findings come out to be that greater than 32 p.c i.e. 16 of Nifty 50 firms by quantity are already leveraging blockchain options. Alongside the identical traces, over 61.6 p.c of the highest Nifty firms 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 p.c of Web3-friendly Nifty 50 corporations are exploring blockchain and crypto tokens in monetary providers. Corporations 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 corporations like Infosys, TCS, Tata Motors, and Wipro main trials. Industries similar to healthcare, telecom, building, mining, energy, and shopper providers are additionally evaluating blockchain options.
Regardless of regulatory uncertainty, the report predicts that main corporations will proceed deepening their engagement with blockchain and crypto tokens.
“Primarily based on the out there knowledge, we predict that by 2028, one in two Nifty 50 firms will probably be utilizing Web3 applied sciences, indicating round an 18 p.c YoY improve in adoption of the web3 ecosystem by the nation’s high firms,” 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. In 2021, Tata Metal turned the primary Indian metal firm to have executed blockchain-enabled commerce between India and Bangladesh.
In line with Mudrex, the transparency and safety of blockchain, in comparison with conventional internet servers, will drive additional exploration of this expertise in digital advertising, manufacturing, and provide chain administration.
“India’s main corporations are leveraging Web3 improvements to redefine their core operations, signalling the nation’s emergence as a key participant within the world blockchain revolution. This evaluation gives an in-depth have a look at the strategic strikes of high Indian firms, setting the stage for understanding how these developments will drive India’s emergence in Web3 and digital transformation,” the report famous.
India continues to be within the means 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.
