India Blockchain Week Returns to Bengaluru, Sparks Dialogue on Security Gaps and Self Custody

The first edition of the India Blockchain Week was held in 2023.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 4 December 2024 17:14 IST

India Blockchain Week Returns to Bengaluru, Sparks Dialogue on Security Gaps and Self Custody

Photo Credit: IBW2024

Supra, Aptos Labs, Monad, and Astar Network are attending the event

Highlights

The IBW 2024 headliner conference will span two days
Hashed Emergent will release its Web3 landscape report in 2025
The event features community-building sessions for Web3 founders

India's Web3 industry leaders have gathered in Bengaluru to discuss the digital renaissance driven by blockchain-based fintech. On Wednesday, December 4, Web3 venture capital firm Hashed Emergent launched the two-day headliner event of India Blockchain Week 2024 in the country's tech hub. This marks the second edition of IBW, which made its debut in 2023. Leadership teams from leading crypto, DeFi, and blockchain firms are attending the event, engaging directly with India's esteemed Web3 developer community.

Key topics at IBW 2024 include the urgent need for security solutions to prevent incidents like the recent WazirX hack, as well as a deeper understanding of self-custodial wallets and their potential drawbacks.

Discussions on self-custody wallets have intensified in recent months, fueled by a series of hacks, particularly those targeting custodial crypto exchanges. These wallet providers allow users to retain control of their private keys instead of storing them within the provider's system.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

In one of the event's first panel sessions, CoinDCX CEO Sumit Gupta, Mudrex co-founder Edul Patel, and Bitgo COO Chen Fang addressed the current limitations of self-custody wallets, agreeing on the challenges that still need to be overcome.

“If you can handle self-custody, and you understand all of that, always move funds from custody. That's the ethos with crypto. That's the ethos around the blockchain. The problem is that a lot of people don't know how to use it. Much more crypto has been lost for life by self-custody mistakes, than hacks that aren't inside jobs,” Patel said with Gupta and Fang in agreement.

The need for increased education and awareness around crypto and Web3 was also a key topic of discussion across panels. Industry leaders emphasised that until more people understand the challenges behind the much-hyped solutions in Web3, new entrants should approach with caution.

BWA Announces Alliance for Blockchain and Crypto Defence for Web3 Security

Among the key highlights, the "Trump effect" on Bitcoin—driving its value close to $100,000 (roughly ₹84.7 lakh)—has sparked excitement within India's Web3 community.

The recent departure of Gary Gensler as chair of the US SEC has also fueled optimism about crypto's growth in the US, with hopes that this positive shift will extend to other countries. Under Gensler, the SEC had clashed with crypto giants like Binance, Kraken, and Coinbase, drawing criticism for stifling sector growth.

Later panels will feature representatives from Web3 firms such as Polygon, Supra, Aptos Labs, Monad, Astar Network, and Pi42, who will engage with stakeholders, investors, and developers in the Web3 space.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, India Blockchain Week, Web3, Blockchain, Crypto

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More