Crypto is much bigger than finances.
While the world is infatuated with crypto coins, chains, and gains, the revolutionary aspects of the new iteration of the Internet (Web3) are overlooked. Web3’s foundational open-source technology will change the world, not just cryptocurrencies.
The focus of the industry, instead, needs to shift to open-source technology and its potential to decentralise not just the Internet but the global economy, financial markets and humanity.
Open-source code and protocols aren’t just the future of the internet; it’s the future of evolution, opening up participation for anyone, anywhere. It’s the democratisation of success, where people in Silicon Valley and Singapore have equal opportunities.
Web3 holds the key to unlocking opportunity in emerging markets, but significant challenges remain. In developing countries, there’s limited access to financial resources, infrastructure and internet issues, and a lack of funding and entrepreneurship spaces. For example, India had more internet blackouts in seven years than all other countries combined.
These challenges hinder individuals in emerging markets to fully participate in the digital economy, further exacerbating inequalities and perpetuating marginalisation.
Bridging the digital divide
The transformative potential of open-source software in emerging markets is part of the Web3 narrative that the mainstream misses. By empowering individuals globally, open-source code extends innovation beyond traditional tech hubs, ensuring Web3 serves diverse, distributed audiences and spurs new use cases worldwide.
Open-source code doesn’t discriminate or centralise capture. It creates a meritocratic environment accessible to everyone, where talent and creativity drive progress and innovation – not just in the Bay Area or tech hubs.
For example, some resources list the top Web3 open-source projects that welcome contributors from around the world.
With 1.1 per cent of people owning 45.8 per cent of the world’s economic wealth, open-source technology in the new iteration of the internet (Web3) is a pertinent social issue, too.
India is a good example of how Web3 open-source initiatives are making a tangible impact and its possibility to drive future positive changes. Web3’s impact on India’s economy is predicted to hit US$1.1 trillion by 2032. In comparison, the US Web3 market forecast is US$69.24 billion in 2032.
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Open-source software has opened up various use cases for Web3 in India, particularly where fraud and mistrust are rampant. The Delhi Forensic Science Laboratory (DFSL) and the Delhi Police integrated blockchain technology into their e-forensic application, creating an immutable and transparent record of the chain of custody for evidence.
The release of the Indian government’s National Strategy on Blockchain has primed the country with the largest population in the world to embrace Web3 technologies.
A change of policies and perspective
The decentralised nature of open-source tech is challenging for governments and institutions, especially in Western countries. It requires conviction in crypto and a willingness to embrace a changing world. Most nations have inadequate regulation, further solidifying the need for open-source software for cross-border collaboration and innovation.
The regions and jurisdictions that nurture this tech will become the innovation hubs of the future — with access to top talent, lower overheads and the conditions to redefine labor dynamics. For example, via Decentralised Autonomous Organisations (DAOs,) freelancers or completely anonymous workers.
Indonesia stands out as a region leading digital transformation efforts, with its digital economy projected to reach US$130 billion by 2025, with a particular focus on blockchain’s potential. For the past several years it has maintained a status as one of the main blockchain markets in Southeast Asia.
This commitment extends to open-source technology, supported by initiatives like Indonesia Go Open Source (IGOS), a government-backed program promoting adoption to drive innovation and reduce software costs. Additionally, Asosiasi Teknologi Informasi & Open Source (ATIOS) fosters collaboration and development within Indonesia’s open-source ecosystem.
Just this year Indonesia’s Financial Services Authority (OKJ) introduced an updated roadmap for 2024-2028 that strengthens its position to support technological innovation, blockchain and digital finance development. The road map also ensures greater digital and financial safety for those involved in the space and improves transparency and efficiency across sectors.
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Compared to the more fragmented regulatory landscape in the US, Indonesia’s unified approach underscores its commitment to establishing a robust digital and open-source ecosystem, providing further evidence for the need for better policy and regulatory frameworks.
Open source, opening more doors
As with all technologies, it’s not a fix-all. Open source has criticisms and concerns such as reliability, liability, and support. However, there’s no doubting the transformative power of open-source technology in driving inclusivity and innovation in emerging markets.
To build a truly equitable digital future, the industry must prioritise and protect open-source development. By investing in these initiatives, we can unlock opportunities for innovation, inclusivity and global economic growth.
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