If you are an enterprise building dApps on the Blockchain if you're looking to build and scale applications faster on the blockchain. This episode is going to be interesting for you because today on our podcast we have Dr. Ravi Chamria. The co founder and CEO of Zeeve which is an enterprise blockchain company that is powering infrastructure for thousands of blockchain startups. Enterprises and Web 3.0 developers and helping them deploy Scale Monitor and manage their decentralized applications.
This is your host Roy and you are listening to the MetaRoy Podcast where we make understanding the Web 3.0 space simple every week. If you have tuned in for the first time, welcome and if you have been following us for a while, welcome back. Dr. Ravi, thank you for joining us and it's my absolute pleasure to welcome you on this podcast. How is your day going so far? Thanks Prasant, the day has been good journey and thanks for welcoming me here. I would love to be part of this journey of yours.
Exactly and we are excited to have you here as well. So just to give a quick background about yourself, can you share some experiences that you have had in the past in your career and what has been your background in so far and how you kind of moved into the Web 3.0 space? Can you outline that journey for us? Yeah so my whole It journey has been very exciting. In fact I did my MBBS from Maulana Azad way back in 2000 but during that time dotcom boom happened, I started a.com in the edtech space, got into IT and then stayed there in IT for the last 22 years.
During this time I worked with quite a few startups, joined some of the startups in senior leadership role. Last I was with Biz2Credit as a CEO for almost six seven years. So in the fintech domain for eight to ten years and got the blockchain bug in 2017. Got very much interested in the whole philosophy, the new technology and how it can revolutionize the internet. So literally looking towards the new version of internet, solving some of the core challenges of the current state the internet is in. That's how I left this trend and then started a blockchain startup SoFocle one of the earliest ones in India to start with the blockchain built some enterprise products in the financial services, supply chain and education spaces.
During this time realized blockchain infrastructure is something very difficult to manage unlike the web two infrastructure. So found this to be a pretty good opportunity and started a SaaS platform for automation of the Web 3.0 infrastructure called Zeeve. And then you know, we did away with consulting and started focusing pretty much on the infrastructure part. Got it. So our audience itself is kind of very interested in this topic itself and I've been getting a lot of questions about the blockchain and since your infrastructure you look at the infrastructure side of things.
I wanted to ask you this question. Can you just outline a bit the differences between the different types of blockchain? Because this is something very relevant to you, right? There are different network models, hybrid and all of that. Can you outline this for our audience a bit? Right, so from the concept side as well as from the adoption side first, the larger category is public protocols and permission or private protocols. Now, in the case of public protocols, the whole idea how Bitcoin and blockchain technology came into existence, the concept was that there should be transparency of data, transparency of transactions, it should be a distributed ledger where everyone can see what is happening.
So public protocols with the same philosophy is where you have predominant transactions and all the transactions are public. Anybody can join the network to either become a minor or staker or build applications on top of it. So it's basically managed by people and anybody can participate in it. That is typically a public protocol. And the thing in public protocol is all the transactions are transparent.
They are publicly available for anyone to download and see. Visit is that when enterprises started off implementing blockchains, they thought that in a closed network we do require permission. We don't want anyone to join the network or write to the distributed ledger.
So there needs to be some kind of permissioning. And that's how the concept of permission blockchains came in. Where the larger difference is that there are permissioned actors or users of the network, only those people are able to join.
And then there are additional permissions who can write to the database or the ledger, who can view the transactions, etc. For and then they may have additional layers like privacy and compliances regulations, et cetera. So that's permission protocols. To take an example, like public protocols, we have Bitcoin, Ethereum, Polygon, Avalanche, Venture, et cetera.
And in the case of permission protocols we have Hyperledger Fabric being one of the most popular and adopted. And then we have Arts, Dakota, hyper ledger, sawtooth, and then some of the new ones like Dragon Chain, etc. Apart from this, hybrid blockchains have also come into play.
So hybrid blockchain is a mix of public and permission blockchains where some piece of it can be public. So for example, in some of the use cases you may require that the view only access can be public, right? So I remember doing a project for bold tokenization where the back end supply chain needed to have only access to certain actors only. But as far as the viewing of transaction is concerned, that was public. So it's a mix of public and permission and there are few hybrid blockchains and in fact quite a few public protocols are now moving into enterprise space like polygon with polygon edge, where you will see the flavors of public as well as permission blockchains. Got it. That makes it really easy to understand.
Thank you for that since Ziv is more into the enterprise blockchain, let's focus on that for a moment. Can you tell us what is happening in the enterprise blockchain space? What is the current state of blockchain adoption in the enterprise? How are people kind of adapting to this space? Is it a fast movement or where are we in the current state? What are kind of some of the challenges that enterprises are having from moving from a web to infrastructure to a web to infrastructure? Can you outline that for a bit? Yeah. So the current state, I would say that things have started picking up as far as blockchain adoption in enterprises is concerned in the last two years.
Before that, it was pretty much slow, it was mostly POCs pilots and there were very few implementations. But now in last two years, we have started seeing quite a few large implementations in the enterprise and the challenges are very clear. It's not just about technology adoption because blockchain sometimes lead to transformational business models or a lot of disruptions. So it requires a huge management buy in because it's not just an incremental change in most of the use cases. And second, most of the blockchain use cases in enterprise are consortium led use cases where not just one organization will be involved, but all different kind of external organizations will be involved.
Now to bring them together under one umbrella, have different kind of governance rules, what kind of access controls, et cetera, would be there designing the smart contract architecture. It becomes a long drawn exercise and that's the reason your implementation has been quite slow. But the good thing is that, yes, it has started picking up in last couple of years.
A lot of implementations have happened in financial services, supply chain, telecom, retail, et cetera. We're already seeing now. And apart from this, there are some practical challenges like the DevOps requirements for web infrastructure is quite different from web two.
And there's a lack of expertise and talent still. So a lot of people are getting trained on Web 3.0. But if you talk about somebody who can architect a sound blockchain solution, still the lack of expertise is there. There are very few talent available as compared to the demand in the market. So these are some of the challenges that we are seeing in the market. But yes, the market is growing.
One interesting thing that has come up is that the tokenization piece, both fungible as nonfungible. Now this piece started from public protocols, started with NFPs and gold tokens and various other tokenized assets. But now this is moving into enterprise space a big time and a lot of real world asset tokenization is being talked about. And a lot of initiatives are happening where real estate or carbon credit or bonds or different kind of real world assets are being tokenized.
Got it. So even, for example, you mentioned about real estate and carbon credits can you outline an example of how these real world assets are tokenized on the blockchain? Yes, and each kind of asset has got a different set of challenges today. So take an example of real estate. Real estate today are pretty much counted as an illiquid or semi liquid kind of assets.
Right. Because we know that the buying and selling of assets or taking loans against the mortgages take a huge amount of time starting from two to four weeks to even three months. And second, some of the assets have become so expensive that there's less participation from smaller retail investors. So these are some of the challenges which real estate tokenization solves.
And what it does is you can Tokenize a real estate and so by tokenizing you can in fact do a fractional tokenization where you can divide the real estate property into multiple pieces using tokens. And that's where the cost of one token becomes comparatively less and more affordable to retail investors. So you get more liquidity getting into the market. Second, by tokenization we are making the process more seamless.
So understanding from the perspective of what is happening in D file and tokenization and combining them together. So today we have D five platforms where it's very easy, you connect your wallet and you can take a DeFi loan. Right. But the thing is, all the DeFi platforms are today based on cryptocollectoralization. So you need to give crypto as a collateral and then you get another crypto back or another token back with it. Just imagine that this real estate property which has been tokenized and it is meeting all the compliances which have defined wherever the property decides.
Now this tokenized asset can be put on the defile and then you can have a loan against it. So the mortgage which takes four to eight weeks can be done in few minutes. Right. So that is the kind of disruption is going to happen that we are going to see by real estate organization and then impact it will create on insurance, lending on the government side, collecting taxes or a different kind of revenue streams.
So it's going to disrupt the whole process that we have today. Exactly. I think I've worked in the real estate industry myself. I know how difficult it is to kind of even demarcate like what boundaries or what real estate you have.
And now that we are able to tokenize it, kind of take loans against it, transfer property will be much more easier, right? So transfer of rights will be much easier. So I think these are really interesting use cases. I would love to talk more about it, but let's come back to the enterprise blockchain for a moment. So you mentioned about consortium blockchains. I think one of the use cases that you mentioned about was supply chain.
Right. So my question is when two huge players are kind of interacting through the blockchain, how difficult is it? Is to scale up the blockchain. For example, you mentioned there were challenges in scaling up.
There's not right talent that is available. How is it that ZV is trying to make this process easier for people in a consortium level of blockchain? How is it making it easier for people to scale up or amp up their applications right now? Yeah. So one, first and foremost, we bring in the know how and the expertise. And it's not just the manual way of doing it. We have done 100% automation for the complete DevOps that is required by enterprise blockchain infrastructure. Starting from deployment blockchain network to CI CD automation and then defining all the API queries so that it can be easily integrated into decentralized application, bringing in standardization of deployments so that there's a well defined architecture, there's a proper compliance and security being embedded into the architecture.
And especially for consortium, we also bring in heterogeneous cloud deployment. So when different parties come together, they may have different cloud preferences. They may have different preferences for governance. So we bring in a heterogeneous cloud deployment where different nodes can be hosted on different clouds, still part of the same network, following the proper access control. Then we bring in decentralized governance so that different parties can have career defined rules into the smart contract and the whole network can operate and behave based on whatever has been decided among the different parties. And then on an ongoing basis, there's analytics, there's proactive monitoring of all the blockchain resources as well as cloud resources to ensure that the health of network is pretty good.
It's an enterprise great deployment. So that high availability, enterprise grade security and performances there got it around. Concerning blockchains itself, you mentioned having different cloud infrastructures was really difficult earlier. Right now, with the blockchain coming in, people are able to collaborate better even in the supply chain space.
Right. For example, if you're doing trade between two countries, right? Let's say with China and some other country which does not have friendly relations with, but still the trade has to go on. Right. So I think consortium blockchains help in that space where the blockchain itself facilitates the exchange of information and the supply chain itself is kind of visible across the space without it being distributed across or controlled by each party. Right. So I think those are really interesting use cases of the blockchain itself.
Yeah. So one of the other classic use case you can see is trade finance. So there are quite a few trade finance consortiums now which are facilitating international remedances and bringing in the desired transparency. Because I was going through one study which says that almost 35% of the cost today in trade finance is spent on just documentation.
And it's not just creation of documentation, but sharing the documents here and there. There are a number of parties involved in a trade for that transaction. There are importers exporters, there are exporting bank importing bank, intermediary banks, logistics, straight forwarders shippers, and bringing that customs on the government side. So bringing all them together to have data availability at the right time with proper transparency and security, it's a nightmare today and Blockchain is solving that in a very nice way.
I agree. I think what the Cloud space did for the web to infrastructure has been amplified in terms of what the blockchain can do for the Web 3.0 space. Right. So can you give us like an analogy of what Viv is doing for Web Two versus what Z is currently doing in Webster's? So can you give us an analogy? I have, for instance, used platforms like Docker or Kubernetes. I've heard of them being used to scale up applications. Right.
So can you give us some examples of how this is different from what is it in the web tool space? Yes, so we are not similar to any specific tool. What AWS did to Cloud Zev is trying to do for blockchain infrastructure. So when you see AWS for the cloud infrastructure, they brought in a sophisticated dashboard where you can manage, you can deploy your instances, they brought in manage databases, so you can use RDS or S Three and then they launched setups web services so you can use Kms on the fly within your application. Right. So they built a necessary platform on top of Cloud or Virtualization to make the life of developers very easy.
We are trying to do the same for blockchain infrastructure. The blockchain infrastructure layer sits on top of Cloud, but most of the DevOps tools of Web Two are not applicable to the Web 3.0. So we are bringing the desired automation, we are bringing the desired analytics, monitoring and different kinds of services like decentralized storage as a service or decentralized identity as a service. So I would say that it's very much like what AWS did for Cloud.
We are trying to do the same here. Got it. That makes it much more easier.
And can you also talk about what are the blockchains that you have currently integrated with or what kind of blockchain do you support? Yeah, so we support quite a few, all the top public protocols as well as permission protocols. So on the permission side, we support Hyperledger, Fabric, Arts, Dakota, Hyperledger, Sawtooth, and then we support Flurry and Dragon Chain. And then we also adding a few other hyper ledger suite of products. On the public protocol side, we support Etherium, Polygon, Tron, Avalanche, Phantom, Binance and now we have forced partnership with some of the new blockchain protocols which are coming up.
Some of them have just launched or some of them are launching in next three to four months. So the idea is that today we support about 20 plus protocols and in the next six months we'll add another 30 protocols supported on our platform. Awesome. That's amazing. I want to focus on the industry sectors actually, who are kind of building their Web 3.0 infrastructure. So which are the industries you mentioned about? Supply chain and trade, finance and real estate also right? So what are the industries which are actively building their infrastructure and what is the stage of maturity for these industries? Can you talk about that a bit? So I think pretty much now every industry has some of the other implementation of blockchain maybe to start with tokenization or to improve efficiency or to bring in transparency or trust or just usage of smart contracts to automate certain features within the organization.
But largely some of the sectors where there's more activity. I would say financial services. Of course one where on the public side we have seen D Five that includes pretty much all the financial, typical financial products like lending or deposits or investments and insurance, decentralized insurance, et cetera. And on the enterprise side also in financial services like trade finance, invoice discounting and capital markets where a lot of our three based implementations are happening today.
So financial services is definitely very active but as we know that the financial services infrastructure has got huge inertia so it takes time to actually implement something at that scale. But yes, we have seen some production implementations that have happened in last year and this year and then telecom, automotive these are two other very interesting industries. They are some of the use cases where they are combining the decentralized identity with IoT to bring in more security and authentication to IoT devices.
So quite a few use cases in telecom and automotive related to that and we have seen in retail so in retail like Walmart dick for supply chain and there are on the public side we are seeing NFDS and whole Metawerse concept revolutionizing retail. You're already started seeing where a lot of some of the big brands have already announced that they are opening a shop in meta verse. Et cetera. Meta versus now today again you move from public protocol and touching pretty much every industry where people have started seeing what kind of use cases can be there or what kind of changes can be brought into their industry especially for customer connect and user experience and then energy and utilities and education definitely digital record management.
Credentials management is already live. Quite a few schools even in Delhi, Noida, Mumbai are using blockchain based credentials management and then globally also quite a few universities and colleges have launched that and then government is moving a bit slow as compared to the enterprise space but we are seeing a lot of traction in the government, especially on the governance side. Some of the use cases being tokenization like land records or different kind of records then digital records like your birth and death registry and trade license etc. Are being brought on blockchain too so that authentication can happen. One of the UC when we used to do consulting we did with Abu Dhabi for power of attorney documentation. It's a very simple use case, but has got a significant impact today.
What happens is you've got a document and you need to somebody just want to prove that this document is genuine. Now, in the west to world with current information scenario, the only option is to go back to the issuing authority to validate that document. That happens whenever you submit your academic certificates for higher studies of a job purposes.
It happens whenever you're submitting a trade license document. So every document needs to be authenticated from the issuing authority. In the case of location based credentials management, you are actually doing away with that.
Once you have authenticated who is signing the certificate and there is a proper trail through which the certificate comes into the Blockchain infrastructure post, that verification becomes near real time without involving the issuing authority again and again. To take an example, these are some of the prominent industries where adoption is happening across the board. I think it's good to hear that because these are hitting so close to home. Right? It's good to hear these active adoption of the blockchain itself because all we keep hearing in the Indian context is how the government is going against it.
Yeah, that's on the crypto side, right? Yeah, absolutely right, absolutely right. So there's a division there. So Blockchain is definitely us government in fact has been supporting Blockchain.
There are quite a few initiatives happening at the state and the central level. But when we come to crypto, and especially when we talk about tokens, which has got a speculative value, that's where the regulations are not clear. There's nothing much happening either for or against it. Some adverse regulations have covered, but there's no clarity. I think lack of clarity is even from my perspective, it is even much worse than having negative revelations.
Right, so that's what the scenario is today. Exactly. I agree with you.
Can you talk about some more case studies? We are really interested to know, you already mentioned one about the document validation part, but can you share some enterprise level case studies? That how enterprises are currently scaling up their blockchain and how you are kind of helping them scale up their apps on an enterprise level. Yeah, so on the enterprise level, one is a full Fidget support to Kickstart, the WEBC journey where we bring in the desired expertise. And then second is, which is the core, which is the website infrastructure management.
So we ensure that they don't need to worry about the infrastructure at all. They can focus on designing the solution, building the solution, and leave everything on Z for managing the underlying infrastructure. And then we also have brought in standardization. So there are proprietary orchestration that we have defined for each different protocol, different protocols have got different requirements.
But we know what enterprises want. We know that enterprises has got the same requirements that they have from web to like scalability, availability, performance, security, compliance. So we are trying to bring all of those pieces so that they get the same experience that they are used to. We have brought some industry specific appliances and then very standardized security and regulatory pieces built into the architecture. And then of course we also help with benchmarking because currently there are no benchmarks.
We have been working with so many enterprises and luxury startups that we have been able to define these standards and benchmarks for the right set of veteran infrastructure. And we are also helping let's say some of the three consulting companies, large It consulting companies who are serving different customers, building their solutions to manage the infrastructure from a single dashboard so that they can manage all their deployments, all their different networks supporting all different clouds. So today we have multiple protocols, we have multiple cloud players and we support pretty much all the popular ones on both the categories. So that also helps a lot because they are not constrained that this is not there or this is not there. So that is what the idea is to bring in 100% automation and then plus we have built automation of CI CD pipelines which makes the whole DevOps easy and at the same time make some of the legacy integration also very easy. The idea is to make the journey very seamless, very hassle free so that enterprises can focus more on the application part of it bringing all the desired partners into the consortium or into the application so that they can completely focus on that piece only from a use case perspective, from a platform perspective, we are use case agnostic.
So the enterprise may be building use case related to supply chain or capital market or tokenization or any kind of smart contracts. Since we are operating at the infrastructure layer, it doesn't matter. But yes, slowly and slowly as we are working with healthcare, financial and some of the industries we are adding more and more on the compliance, security and privacy side.
Absolutely, I completely understand your point of view now. So for people who are listening to this podcast right now, for enterprises, people representing those enterprises, those decision makers, right, what can they expect when they partner with Jeep? Like what are the current requirements that they should kind of have before they even start working with Jeep and what can they expect after they work with you? When the enterprise is holiday, let's say running a POC or pilot within the organization, they have built the initial application, they have designed the application. At that point of time we get connected. So when they are ready to deploy the application either for POC pilots or for production deployments so that is where we get into the play. So they already have the application in place and they already know what the application provides for.
All different users are going to be part of it. What kind of access controls would be there. Then we come in when they want to set up their test method dev environment or production environment and there we support them full Fidgetly because as I mentioned, one is a standardized deployment which can be done in five to ten minutes.
Pretty much do it yourself. But yes, in the case of large enterprises and some of the very custom use cases they may have some additional requirements especially on CI CD automation side or on the legacy integration side. So then we deploy our DevOps team which help them do rest of the custom pieces.
Got it. In terms of overall enterprise blockchain infrastructure itself right? So where do you see this space heading in the next few years? What kind of trends that you're foreseeing that will be there actively in the next few years and what enterprises should prepare for when they are kind of moving to the blockchain or are in the implementation journey itself? Yes, I'm quite bullish on Tokenization because tokenization is very straightforward, easy to understand, it's asset management in a much more efficient, transparent and better way. Right? So it will bring in more efficiency, it will bring in more transparency. So that I think definitely I'm quite bullish both on digital assets as well as real world assets, physical assets that being tokenized and traded in long way.
Second is all the use cases where there are a number of external parties involved like sophisticated international supply chains and today supply chains are very complex and spanning different countries for one single product. And then trade finance again international trading is happening and then international remittances some of the use cases wherever there is more organization need to come together. We'll start seeing more implementations happening and then smart contracts.
Now I think there's no legality to the smart contracts per se today, especially in the permission blockchain. But once some regulations come in then I think there will be more and more usage that we are going to see of smart contracts. Whether it be insurance for automated claim settlement and parametric insurance products or DeFi has already started.
There was a white paper by somebody from Ins that DFI is something which a lot of banks are looking at seriously and see how it can be adopted within the financial infrastructure of today. Got it. Doctor Ravi also mentioned about some use cases which are actively being tested out like some schools in Delhi and actually experimenting with apps like that. And even governments are kind of trying to move to this space, right? So for government players already we know that it's kind of very difficult to get them to adopt new technologies, right? So what is that kind of one message that you want to give? How can it basically enhance the efficiency of government players or public sector enterprises as well? Can you throw some light on that? And what are the use cases for public setting enterprises that. You foresee that can be highly made efficient through the blockchain.
So all the use cases that we see in the enterprise are pretty much applicable in the government, especially when we know that there are a lot of PSU public sector companies and government departments who are doing pretty much the same thing in a different way. The low hanging fruit, from my perspective, is the whole digital record management piece. Government has been handling a huge amount of data and there are a lot of privacy concerns, a lot of security concerns regarding that, and efficiency of storing and retrieving and using that data. So I think digital record management is something, whether it be any kind of registry that we see land registry to your pan registry, your heart registry, to any kind of registry which is managing your different set kind of data sets. So I see blockchain can play a good role there, so good starting point, and then identity itself. Apart from that government, a lot of governments have already started implementing something like CBDC.
Again, the idea is how to improve the payment infrastructure by using blockchain. I think one of the clear tenets of blockchain is not just transparency, but the near real time settlement. So today in the financial services, we have seen that there's a lot of improvement has happened in the last 20 years on the user site. So we go online, we do net banking, we have ATM cards, and we do all kinds of transactions.
On the user side, things have improved tremendously last 20 years with fintech revolution happening. The backend infrastructure is still very outdated. Still the settlements take a huge amount of time. So that's I think blockchain is a big promise for that purpose. And I think we're already seeing Visa, Mastercard and some of the core infrastructure players within the financial services space. They have already started implementing blockchain and investing a lot into it.
Got it. Dr. Ravi this is an interesting question that one of my friends actually asked me. Will we ever have this is related to government, which is why I'm putting it out right now.
Will we ever have voting on the blockchain? Like we'll have voting, blockchain based voting in, let's say. Do you know any countries are experimenting with this or can we have this in India? What are your thoughts around this? No, I think countries are experimenting. I know of some case studies where at the small level, like at the municipality level or at the smaller level, it has started happening. Yeah, but assuming it to be happening at the national level for national elections, I think it's going to take a lot more time because we are talking about absolute transparency.
Right? Plus the underlying infrastructure is also a pain point. Moving from paper voting to digital voting, we have seen the kind of nightmares we have seen in the last five to ten years. So moving from there to a blockchain based infrastructure where people can vote using their app. I think it's going to take time from both the user adoption.
So as more and more users start getting comfortable with Web 3.0 internet was in 90s, it was not very useful in the sense of user. From a user perspective, the technology was very powerful. People know what it can do, but the necessary tools and the layers are not there so that users can easily interact with, I think the same stages as we are in the case of Web 3.0. People are still not very comfortable connecting that amass to the DAP and doing the transactions. Right.
So it's not just a technology adoption. Again, at such a large level, the adoption needs to come from user experience, how easy it's to do from user side as well as the backend infrastructure, how the government is going to manage it. But it's a very well established use case and it makes every possible sense to bring in blockchain based voting. So it will happen, it may take five years, ten years, I don't know, but it should happen. Exactly.
And one more aspect of data with the government, right? For example, we have such concerns about security of that data, which is kind of being shared right now, like other card numbers being shared and all of that being leaked. How do you think the blockchain is going to help in that sense? How is it going to improve the overall security of government data or enterprise data or any of basically how is going to improve the security aspect of the overall data that is being handled by big enterprises? Yes, I think in the case of data, the challenges, who is controlling the data, if the user is not controlling the data, or user does not have any transparency as to what is happening with the data, then it becomes very difficult. Then we don't even know that what is happening with that data. And that is what is true today with blockchain. The major benefit is that user is going to have a control.
Like if you take an example of a simple example of academic credentials. Now in a blockchain based academic credentials, you get the credentials from the university. Now that academic credentials is lying in your wallet.
You have absolute ownership and control over that. Now, if you share that, you are applying for, let's say higher studies or for job purposes, you apply somewhere, you share that document, you can actually revoke the access after two days or three days. So the kind of control like typically in the internet we see that you have a digital data, you share it, you lose control over it.
But in blockchain even you can have control over your digital data in the form of tokenized data. Converting that into NFD, you own the control, you retain the control of it. That is what smart contract does it.
That is what some of the NFD standards do. So that's a huge change as compared to what we see today. This was a simple use case, but you see the Ramifications and then the Ramifications are huge because once users start having control of the data, then the abuse of data or let's say security challenges or privacy challenges that we see today will become much more difficult to achieve in the case of a tree. Completely makes sense.
Completely. Then one of the questions that and since you're actively involved in blockchain development, one of the questions that developers always keep talking about is the Ethereum merge that is coming up. Right? So what do you think? This is a personal question. So what are your thoughts on the Ethereum merge and what do you think? What happened after the merge? Yeah, so I in fact wrote an article on LinkedIn last week on merge. So this definitely is one of the most significant event of this year and very excited about it here, merge, because one, there's a significant change from proof of work to proof of stake consensus and it's huge in terms of energy savings. Like the change in the energy consumption will be almost 99.99%.
All the talks about NFD being climate unfriendly or blockchain spending so much of electricity, et cetera, those things will be over. And then of course, this merge is not just on changing the consensus, but there are a few other changes. So it will bring in much more scalability. The whole economics is changing in terms of being more deflationary. Now. Ethereum launched EIP 1599 last year where they started burning some of the transaction fee and with this now they are changing the model of new token minting.
So now with merge happening, the new tokens meant it will be a percentage of the total number of tokens that are being staked and that will become very less in terms of percentage. The number of new tokens getting into the market will also be less as compared to what it is today. So overall it will have deflationary trends, but largely this is a huge event happening from a decentralization perspective also.
So like today, we see that Ethereum has grown huge. There are millions of developers and apps and things are happening on Ethereum and there are so many nodes that are happening who are managing Ethereum. Now.
Everybody thought that in the case of Bitcoin, to make any small change, we see a danger of having a hard folk happening because people are not able to come together to take a large decision. Merge is also proving to the world that in such a large decentralized infrastructure, in such a large decentralized organization, still a sound decision making can happen and such an event or such a change or upgrade at this large level can also happen with this model. So that, I think, is the other side of it that Ethereum is going to prove.
So yes, overall very excited about merge happening. So post merge we are going to see Ethereum will become even more attractive. The gas prices have already stabilized. So that's a myth that merges has anything to do with gas prices.
But gas prices have already come down in the last two months and then a lot of L two have come up polygon and there are quite a few others who are building on Ethereum. So I think the overall Ethereum ecosystem will take a boost with merge because now people will believe that, yes, more and more upgrades which are required in technology world, you need to keep on upgrading the or updating the infrastructure so that is possible with the theorem. So I think that's very promising. Exactly. I think for me, the most exciting part is how this huge machine that Ethereum has built right.
Of developers all across the globe. Having consensus between developers itself is so difficult to people kind of coming together and building this and kind of agreeing to take this to the next level. I think that is something that is wonderful, that has kind of come out of my experience with Ethereum. Again, not financial advice, this is just about Ethereum perspective. Absolutely.
Doctor Ravi, these are all the questions that I had, but it was great connecting with you. How can our listeners connect with you online and get these insights, keep getting these insights from you. Can you ask the best ways to do that? I'm very active on LinkedIn. I continue to write LinkedIn articles and then share some of the posts. In addition to that, as part of the EV contributing to the Web 3.0 ecosystem, we do monthly webinars where I talk about DeFi, NFDS, whatever latest is happening and try to make it very lucid.
So we do webinars both for enterprise blockchain as well as what is happening in the public protocol space. So Twitter, LinkedIn are two areas where I'm active on social media. And plus, do join us on Meetup, join some of the webinars that we are doing and various other activities that we plan to do. Awesome. And all the links that Dr.
Ravi's social handles and the meetups that he's mentioning and all the links to Z itself, you'll find them in the description below. So do check that out and please make it a point to connect with him and say hi from the Meta podcast. But on that note, Doctor Ravi, thank you so much for sharing these insights with us and our audience. It was great talking to you about all of these aspects because these are really important aspects in terms of the overall blockchain space right. And understanding these different sides of things and the different use cases which you mentioned will really be helpful for us and our audience to understand and I hope our enterprises also are made more efficient with Jeep coming into the picture.
So thank you so much for sharing this with us. And thank you for your time today and have a great day ahead. Yeah. Thanks, Prashant. Thanks for this opportunity, and I love the whole time spent with you. And we'll continue to contribute to the Web 3.0 ecosystem.
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2022-09-17