India’s National Payment Corporation of India may be close to delivering on its prediction to establish a single-token digital identity by 2030, following an announcement calling for developers who specialise in Web 3 technology.
Since the days when India had no official identification for citizens, advancements in blockchain technology, biometrics and big-data processing have forged a digital ID ecosystem in India.
India now holds a competitive standing, issuing 1.3 billion Aadhaar e-government cards to citizens. Despite the evident progress in India’s digital economy, the future of single-token digital identity is still far from being implemented amid doubts of its scalability in a state like India which has reduced processing capacity.
On the other hand, 56% of Indian businesses are estimated to be moving towards leveraging blockchain technology and embracing the web 3.0 economy to facilitate tokenised digital ID. Involving technology providers and investors that seek to tap its potential, India must continue to develop policies and frameworks that enables the growth of its internet revolution to boost India’s GDP by up to USD 1.1 trillion.