Sri Lanka steps into the digital business arena in a big way promoting Blockchain technology to assist incubate startups in Web 3.0, Blockchain and Metaverse.
This new digitalisation of commerce initiative has been taken by the State Ministry of Digital Technology under the purview of the Ministry of Development Coordination at theTreasury.
With Sri Lanka recently branching out into crypto payments, NFT (non-fungible token) auctions, and crypto investments, new business ventures for startups have begun mushrooming in small scale in the country in recent times, digital industry sources said.
Blockchain and crypto currency have become more than just a catchphrase today, in Sri Lanka with crypto is being used as payment for goods and services along with cash and card.
Blockchain is a public ledger that records transactions with utmost security, transparency and permanence, including transactions made through crypto currency.
Non-Fungible Token, basically means that it’ is a one-of-a-kind digital asset that belongs to individuals only.
These words and definitions are alien to people of Sri Lanka as it is not in practice widely in the country, an expert in block chain technology said adding that after the popularisation of technology it will become a normal tool of day today transactions, an expert in digitalisation of commerce said.
A new exciting company called “Grow” recently opened its headquarters in Colombo to incubate startups in Web3.0, Blockchain, and Metaverse.
The main task of this company is to attract the best entrepreneurs in these new digital frontiers by providing investment and marketing assistance along with specialised consultancy services.
The company actively invests in startups that focus their business on the blockchain environment and the World Wide Web metaverse to create value.
There is a great opportunity for projects in the seed phase to become important players in the metaverse with the support of incubation and funding programs, a top official of the financé ministry said.
Global conditions intensify the focus and subsequent investment in the development of online solutions for remote work, match play, entertainment, education and the development and development of Virtual Reality (VR) in the middle of the Augmented Reality (AR) phase.
While many people associate the metaverse with recreation, it also has plenty of potential for online work and more.The surge in interest and technology in the Metaverse has breathed new life into VR / AR tools. Immersive multimedia platforms that allow users to create a digital universe ,. are currently under development. With the right vision for the future, early-stage projects can develop into the next generation of technology leaders, he added