BWA’s Blockchain Alliance Tackles Cybersecurity Threats

BWA Launches Alliance for Blockchain and Crypto Defence (ABCD) to Combat Cyber Threats

The Bharat Web3 Association (BWA), a non-governmental organization focused on promoting and advancing Web3 technologies in India, has announced the launch of the Alliance for Blockchain and Crypto Defence (ABCD). This initiative aims to address the growing cybersecurity concerns within the crypto sector and strengthen the overall security posture of the Web3 ecosystem.

A Comprehensive Approach to Web3 Security

The ABCD will focus on various aspects of Web3 security, including:

• Standardization of Practices: Developing and promoting standardized practices for identifying, reporting, and mitigating scams and cyberattacks.
• Community Engagement: Organizing cybersecurity awareness sessions and workshops to educate community members about potential threats and best practices.
• Collaboration with Regulatory Bodies: Working closely with the Ministry of Electronics and Information Technology (MeitY), State Cybercrime Cells, CERT-In, I4C, and the Financial Intelligence Unit – India (FIU-IND) to discuss current challenges and explore effective solutions.
• International Cooperation: Expanding the initiative globally to foster international collaboration and information sharing.

Building Trust and Accelerating Adoption

By addressing cybersecurity concerns, the BWA aims to build trust in Web3 technologies and accelerate their adoption. Dilip Chenoy, Chairperson of BWA, emphasized the importance of regulatory compliance and trust-building in the statement:

“Our goal is to meet all the regulatory requirements without compromising on growth. Building trust around Web3-related products and services holds the key to mass adoption of emerging technologies in India and globally.”

The ABCD initiative represents a significant step forward in securing the future of Web3 in India and beyond. By bringing together industry experts, regulators, and cybersecurity professionals, the alliance aims to create a more secure and resilient Web3 ecosystem.