INTEX, an Indian multinational electronics manufacturing services company, has announced the adoption of 5ire blockchain to enter web 3.0. Incorporated in 1996, INTEX is a 950 million dollar Indian company with 20+ product categories. Ruling the consumer market of Consumer durables, Smart IT accessories and Personal Care Accessories the company is determined to manage its operations on a world-class collaborative business solution – SAP on a Virtual Private Network. 57
INTEX's vision is to give people easy access to the latest connected technology and innovative value products, making it big as a smart lifestyle brand, changing its ways constantly around the changing consumer needs. The brand also prides itself on bringing innovative yet affordable technology, coupled with style & glitz, to the hands of every Indian.
Being originated in a country ranked fifth among 117 countries in pollution, Mr. Bansal, the Chairman and Managing Director has shown his enthusiasm towards reducing its carbon footprint while adopting Web 3.0.
The adoption of 5ire's blockchain to enter Web 3.0 by INTEX would embark on a new technological revolution in the retail industry, highlighting the integration of blockchain and business to result in sustainable and profitable companies by incorporating Web 3.0.
From a technical perspective, Web 3.0 has the potential to revolutionize the way businesses operate. By providing a more personalized web, improved data searchability, and eliminating third-party intermediaries, Web 3.0 can help INTEX save time and money while building strong customer relationships. It encourages transparency and fosters a healthy customer relationship, assuring a tamper-proof record of transactions via blockchain. Further, with NFTs and Metaverse, Web 3.0 opens doors to innovation and sustainable competitive advantages.
Intex’s Director, Keshav bansal, said “ We are excited to partner with 5ire. Web 3.0 will bring immense possibilities for new ways of doing business. Efficiency shall increase tremendously. With decentralization at its core, it shall result in more transparency. It is a step towards building a sustainable planet. This is the beginning of a new era."
5ire's CEO and Co-founder Pratik Gauri said on this occasion, "INTEX's adoption of blockchain technology to enter Web 3.0 is pivotal for building a community around 5ire's mission of bringing a for-benefit paradigm shift."
Since enterprises today work at speed and scale, this digital transformation has many unintended consequences on sustainability. For example, if we discuss the consensus mechanisms being used in blockchain technology, proof of work results in expending greater computational power and energy, while evidence of stake demands the usage of more crypto to get the financial rewards from the blockchain. This takes us back to the traditional finance problem wherein the rich get richer, and the poor get poorer. However, if enterprises work at the intersection of sustainability and Web 3.0, in that case, all of that playing out in the metaverse, we can not only scale faster but also enable financial inclusion for about 1.5 billion people who do not have access to traditional banking.